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of <h1>Understanding Company Characteristics and Liability Under Companies Act, 1956: Corporate Personality, Limited Liability, and More</h1> A company, as defined under the Companies Act, 1956, is a legal entity formed and registered under this act or previous company laws. It possesses characteristics such as corporate personality, limited liability, perpetual succession, separate property, and transferability of shares. Companies operate under a common seal, have the capacity to sue and be sued, and can enter contracts independently. They are managed separately from their members and are terminated by law. Business enterprises can take forms like sole proprietorships, partnerships, and cooperative societies. The corporate veil can be lifted in cases of fraud, and directors may face personal liability for various statutory breaches.
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