Companies

A company is, in general, any group of persons (known as its members) united to pursue a common interest. The term is thus synonymous with association, but more often it is used specifically to identify associations formed for profit, such as the partnership, the joint-stock company, and the for-profit corporation. A company is not necessarily a corporation, and thus may not have a separate existence from its members. A company might also not be able to sue or be sued in its own name, and thus would not be considered to be a legal person. Whether a company has either of these characteristics depend on the law of the jurisdiction.

For example, in UK law, a company is a legal person with a separate identity from its members, and thus would be a form of corporation. Such companies can be formed with only one member, who need not be (though usually is) a director or secretary. Such companies must have at least one director and a company secretary, and a sole director cannot also be company secretary. Directors and company secretaries can be either individuals or corporate entities, and there are almost no nationality and residence restrictions, although there must be an office within the UK, registered with Companies House. The most important legislation governing company law is found in the Companies Act 1985 and to a lesser extent the Companies Act 1989. Several documents are required under UK law in order for an incorporation to occur. Amongst these is the memorandum of association.

Although associations of persons carrying on business must have existed from time immemorial, the oldest continually-operating business in existence is Japanese firm Kongo Gumi, which was founded in the sixth century.

See also

• Company Law Reform
• Corporate liability
• Limited Liability Company (LLC)
• Limited Liability Partnership (LLP)
• Limited Partnership (LP)
• Lists of companies
• North American Industry Classification System (NAICS formerly SIC)
• Organization
• Private limited company
• Public limited company (PLC)
• Types of companies
• Unlimited company