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Forms Of Business Organization

Question

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Define company.

Solution

The company comes from a Latin word 'Companies' which stands for taking food together in a gathering.
In ancient times businessmen used to discuss all of their business matters while taking their food together.
In modern times the meaning of company is different. Few people come together and form a company according to law.
A company is a different entity from its members. In a company, capital comes from several people, thus, it is known as a joint stock company.
The people who invest in a company are its members.
A company runs a business as an independent entity, it is responsible for all of its liabilities, that is why a company is considered as an artificial person created by law.

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