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Elective Business Law

Business LawTU Board 2082 (old course)

Point out any two features of company.

2

Answer

· Based on the official syllabus and past papers
Updated
Created by law (not natural birth)Can sue/be sued independently1. Artificial PersonDistinct from owners (shareholders/directors)Owns assets, incurs liabilities independently2. Separate Legal EntityExists until dissolution (not affected by death/retirement)3. Perpetual SuccessionShareholders lose only unpaid shares4. Limited LiabilityFeatures of a Company (Key Points for Exam)
Exam-focused hierarchical breakdown of company features with legal references

A company is a legal entity with the following key features:

  1. Artificial Person: Created by law, not by natural birth, and can sue or be sued in its own name.
  2. Separate Legal Entity: Distinct from its members; owns property, incurs liabilities, and enters contracts independently.
  3. Perpetual Succession: Continues to exist until legally dissolved, unaffected by member changes.
  4. Limited Liability: Shareholders’ liability is limited to unpaid shares (private companies) or assets (public companies).
  5. Common Seal: Used to authenticate documents (though digital signatures are now accepted in Nepal).
  6. Transferability of Shares: Shares can be freely transferred (subject to company rules), enhancing liquidity.
  7. Democratic Management: Operated by a Board of Directors elected by shareholders, with major decisions requiring shareholder approval.
  8. Legal Formalities: Must comply with statutory requirements (e.g., Companies Act 2063) for registration, reporting, and operations.

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