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Forms Of Business Organization

Question

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Explain how the company is an artificial person.

Solution

A company is the creation of law and exists in the eyes of the law only. It is invisible and intangible.
It exists independent of its members. Like natural persons, a company can own property, incur debts, borrow money, enter into contracts, sue and be sued but unlike them, it cannot breathe, eat, run, talk and so on.
It is, therefore, called an artificial person.

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