What is meant by company law?

Corporate law (also known as business law or enterprise law or sometimes company law) is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses. In some cases, this may include matters relating to corporate governance or financial law.

What is company law and its types?

Artificial Legal Person: In the eyes of the law, A company is an artificial legal person which has the rights to acquire or dispose of any property, to enter into contracts in its own name, and to sue and be sued by others. Similarly, the company is not liable to pay personal debts of the members.

What is company law and its importance?

Company law exists to protect everyone and not just the major players in an organisation, which is why corporate law also makes provision for the rights of workers. Understanding what freedoms and benefits your employees are legally entitled to is crucial for avoiding internal conflicts.

How many acts are there in company law?

The 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules….

What is company law and its characteristics?

A company is a separate legal entity from its members who constitute it. It can hold, purchase and sell properties and enter into contracts in its own name. It is an artificial legal person who can sue aid be sued. Companies are owned by shareholders and they elect the Board of Directors, who run the company.

What are the objectives of company law?

The basic objectives underlying the law are: A minimum standard of good behaviour and business honesty in company promotion and management. Due recognition of the legitimate interest of shareholders and creditors and of the duty of managements not to prejudice to jeopardize those interests.

What is the goal of company law?

The Government’s objective for company law is to provide a framework that gives companies the flexibility to compete and grow effectively. An important part of this is ensuring that creditors, customers and suppliers have the information they need in order to be able to do business with a company with confidence.

What is private company in company law?

Section 2(68) of Companies Act, 2013 defines private companies. According to that, private companies are those companies whose articles of association restrict the transferability of shares and prevent the public at large from subscribing to them. Private companies can now have a minimum paid-up capital of any amount.

Who is promoter in company law?

Definition of Company Promoter A person who has control over the affairs of the company, directly or indirectly whether as a shareholder, director or otherwise; or. A person who is in agreement with whose advice, directions or instructions the Board of Directors of the company is accustomed to act.

What is the company law management?

It assumes the powers and duties given in the Articles and carry on all those affairs of the company which are not done in general meetings of the shareholders. A distinguishing feature of company law in India is the statutory recognition of various types of managerial personnel.

What is the corporate tax in India?

In India, the Corporate Income tax rate is a tax collected from companies. Its amount is based on the net income companies obtain while exercising their business activity, normally during one business year.

What is corporate law?

Corporate law often describes the law relating to matters which derive directly from the life-cycle of a corporation. It thus encompasses the formation, funding, governance, and death of a corporation.

What is a corporate law degree?

Corporate Law Degree Programs. Law school applicants must have a bachelor’s degree. The subject of the degree may be in a general topic, such as English or biology, or a more specialized topic (i.e. pre-law or business). Letters of recommendation, LSAT scores and transcripts are mandatory.

Is there demand for lawyers in India?

Here are some of the types of advocates that have high demand in India. Criminal Lawyer: A criminal lawyer has the responsibility to defend people as well as organizations that are being charged by criminal offence. Every law academy in India has a course for criminal law and one can specialize in it after completing one’s basic education in law.