Company & Partnership Law

Company & Partnership Laws were designed to deal with companies. By law, a company means a legal entity that is formed under a separate legal identity to its members, and is usually incorporated to conduct commercial business. The company is the most common form of business vehicle in most nations, because of the limited liability of its members for any debts, and the ease with which it can be separated as an independent entity for tax purposes.

In legal terms, companies differ from sole proprietorships, partnerships, trusts, guilds, and unincorporated associations of people. Usually, companies are formed for profit, but some may be formed for charity purposes, social purposes or for public investment. Companies have a variety of other uses, and may have a role to play in tax structuring or negotiating finance.

Law can classify companies in a number of different ways. For instance, a company can be limited by shares, limited by guarantee, limited by guarantee with a share capital or unlimited. More esoteric company forms such as charter companies, statutory companies and others exist.