Law 200 Essay

3514 words - 15 pages

NORTH SOUTH UNIVERSITY
Summer 2014
Assignment Topic
“The Company at Law is Distinct from its Members. Directors are neither Agents nor Trustees of the Company”

Prepared For
Barrister Shaheen Ahmed
Lecturer
School of Business
North South University
Prepared By
Shahriar Hasnaine Sakib
ID- 111 0261 030
LAW 200
Section: 07
Date of Submission
July 15, 2014

Contents
TABLE OF CONTENTS
Objective 3
Introduction 3
Company’s Classification and Characteristics 3
Separate legal personality 4
Consequences of treating the company as a separate legal entity: 5
Company has a Distinct Entity from its Members 6
Agent & Trustee 6
Directors 6
Analysis to the Leading Cases 7
...view middle of the document...

In this assignment, a detail explanation about the company, characteristics of it, its different entity are given. Also “The Company at law is distinct from its members. Directors are neither Agents nor Trustees of the company”- this statement will be analyzed with reference to some leading cases related to this issue.
Company’s Classification and Characteristics
Company is an association of a number of individuals for the purpose of carrying on some legitimate business. Usually, company is a form of organization. Company is an association of a number of individuals for the purpose of carrying on some legitimate business. There are various kinds of company that can be formed in different jurisdictions, but the most common forms of company are:
Limited liability Company: It is a company which is statutorily authorized in certain states that is characterized by limited liability, management by members or managers, and limitations on ownership transfer.
Company Limited by Guarantee: This type of companies is formed for non-commercial purposes, such as clubs or charities. The members guarantee the payment of certain amounts if the company goes into insolvent liquidation, but otherwise they have no economic rights in relation to the company.
Company Limited by Shares: It is the most common form of company used for business ventures. Specifically, a limited company is a "company in which the liability of each shareholder is limited to the amount individually invested" with corporations being "the most common example of a limited company." This type of company is common in England.
Company limited by Guarantee with a Share Capital: A hybrid entity, usually used where the company is formed for non-commercial purposes, but the activities of the company are partly funded by investors who expect a return. This type of company may no longer be formed in the UK, although provisions still exist in law for them to exist.
Unlimited Liability Company: A company where the liability of members are unlimited for the debts of the company.
Public Limited Company: Public companies are companies whose shares can be publicly traded, often on a regulated stock exchange. It must act in accordance with its charter and the laws of the state in which it exists. These laws vary by state.
Private Limited Company: A type of company that offers limited liability, or legal protection for its shareholders but that places certain restrictions on its ownership.
Company is strongly linked with the law and it has some distinctive characteristics. They are:
i) General characteristics and
ii) Lawful characteristics.
Separate legal personality
The law treats a company as being a separate person from its members and those who manage its operations. This is the doctrine of separate legal personality.
The central distinguishing characteristic of a company is that it is crated as a separate legal person from its participants. That means the company can incur and receive...

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