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Classification of Companies:
Section 389 of the Companies Act provides that "no company there association or may partnership consisting of more than twenty persons shall be formed... unless it is registered as a company under this Act so there it t is formed in pursuance of some other Act, Act of the United Kingdom or of letters patent".
Three types of company are provided for under this section as like are:
(a) Chartered companies.
(b) Statutory companies.
(c) Registered companies.
Promotion: A company comes into existence from the moment of its registration by the registrar of companies. However, the registration is preceded by what is called "promotio
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Directors' Remuneration: For technical reasons the directors are not regarded as servants or employees of the company of that they are directors. Therefore here they have no
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