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An Overview of The Companies Bill, 2011

Contents:

1.0 Meaning of Company

2.0 Companies Law

3.0 Sources of Company Law in Various Countries

4.0 Companies law in Some Countries
5.0 Origin of Companies Act in India
6.0 The Companies Act 1956
7.0 Background of Companies Bill, 2011
8.0 Highlights of the Companies Bill, 2011
9.0 Important Provisions of the Companies Bill, 2011 in Brief 10.0 Provisions of the Companies Bill, 2011 in Detail
11.0 Professional Opportunities for Chartered Accountants under The Companies Bill, 2011

About the Author

1.0 Meaning of Company
The word 'Company' is an amalgamation of the Latin word 'Com' meaning "with or together" and 'Pains' meaning "bread". Originally, it referred to a group of persons who took their meals together. A company is nothing but a group of persons who have come together or who have contributed money for some common purpose and who have incorporated themselves into a distinct legal entity in the form of a company for that purpose. Generally, a company is a form of business organization. The precise definition varies from country to country. Companies, whether public or private, are an indispensable part of an economy. They are the modes through which a country grows and expands world wide. Their performance is an important parameter of a countries economic position. 2.0 Companies Law

The basic theory behind all business organizations is that, by combining certain functions within a single entity, a business can operate more efficiently, and thereby realize a greater profit. Governments seek to facilitate investment in profitable operations by creating rules that protect investors in a business from being held personally liable for debts incurred by that business, either through mismanagement, or because of wrongful acts.

Companies law (or the law of business associations) is the field of law concerning business and other organizations. It is an establishment formed to carry on commercial enterprises. This includes corporations, partnerships and other associations which usually carry on some form of economic or charitable activity. Company law is directly related to enterprise: it can either promote it or hold it. Most enterprise is corporatised and corporate regulation has a huge impact on the economy.

3.0 Sources of Company Law in Various Countries

Company law in the commonwealth (UK, Australia, Hong Kong, Singapore, India, Malaysia) has common sources and influences. Common features also exist in European Union and US laws. However, the UK Companies Act 1948 is the great mother of most corporate laws world over, but has undergone several changes over time.

4.0 Companies law in Some Countries

The Company / Corporation (or by whatever other name it may be known in different countries) types of business entity exist and are defined in the legal systems of various countries. There are various types of company that can be formed in different jurisdictions and Countries have their own Company Law to govern them, of which some of them are listed below: i. United States - US corporations emanated from chartered corporations, allowing people to form corporations under a general corporation law. In the United States, the individual states incorporate most businesses, and some special types are incorporated by the federal government. For federal tax purposes, the Internal Revenue Service has separate entity classification rules. Under the rules, an entity classified as a corporation may be either an S corporation or a C corporation. The main business designations for the State incorporated Corporations are - Corp., Inc. (Corporation, Incorporated), which are used to denote corporations (public or otherwise). These are the only terms universally accepted by all 51 corporation chartering agencies in the United States. However in some states other suffixes may be used to identify a corporation, such as Ltd.,...
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