Company

Tax Glossary Definition

Company

A company is a legally recognized business organization formed by individuals or other entities to carry out commercial, industrial, or professional activities. It possesses a separate legal identity from its owners (shareholders), meaning it can own property, enter into contracts, sue and be sued in its own name.

Example

A group of investors form ABC Manufacturing Pvt. Ltd. to produce electronic goods.
The company:

Owns factory assets
Enters supply contracts
Pays taxes and liabilities itself

The personal property of shareholders is protected if the company faces losses.

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