Company meaning and types

[PICKFORD]

An company is what is Incorporated under law and serves to bind together the normal interest of a gathering it is depicted as a fake or artificial individual with isolated lawful character handling privileges and commitment particular from those of its individuals and officials. As a fake or artificial individual with legitimate character an company can works through a few type of human offices these are the investors or shareholders acting together in a comprehensive gathering and the second being the board of directors or directorate. A company is further described as an association of number of people for common objects this object is usually for economic gain or profit though not all companies object are for profit motives some company has set up principally for nonprofit reasons. Some types of company include:

1. Statutory Companies:
these are companies brought about by statute example in Nigeria Power Holding Company Of Nigeria (PHCN) these powers propose management and functions as I stated in the enabling Act. and profit is not the major aim of setting up these companies but basically for the government to provide social amenities to it people.

2. Company limited by shares:
these are companies Incorporated under the companies act a Company limited by shares is accompanied by a liability of the shareholders for the debt of the company is limited to the amount unpaid and their shares.

3. unlimited company:
unlimited company is a company where The liability of the members is unlimited.