Corporate governance is "the system by which companies are directed and controlled".

May 29th, 2015
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Types of Companies • Unlimited Companies. These are the companies where shareholders have an unlimited liability towards the liabilities of the company. They may or may not have share capital. They resemble partnership. • Limited Companies. These are the companies where shareholder’s liability towards the company’s sum is restricted to a limited sum. Limited Liability Company is of two types:- • Company limited by guarantee • Company limited by shares • Private Limited Companies. Its shares are generally not freely transferable. It has to be approved by the company. It can have not less than two and not more than fifty members excluding employees. Its shares are not offered for subscription to general public. The word “Private” forms part of the name of the company.

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CHAPTER 1 AN OVERVIEWWhat is Corporate Governance? Corporate Governance is concerned with governing the corporate entities.What is corporate entity (Company)?A company is a form of business ownership with the following characteristics:-Its capital consists of several units, called shares.The shares are generally transferable.The shareholders have no liability towards the debts of company.A company is considered a legal person and has an entity of its own, quite separate from its shareholders.Perpetual existence (Infinite life).Management of company is entrusted to people called directors. Types of CompaniesUnlimited Companies.These are the companies where shareholders have an unlimited liability towards the liabilities of the company. They may or may not have share capital. They resemble partnership.Limited Companies.These are the companies where shareholders liability towards the companys sum is restricted to a limited sum. Limited Liability Company is of two types:-Company limited by guaranteeCompany limited by sharesPrivate Limited Companies.Its shares are generally not freely transferable. It has to be approved by the company. It can have not less than two and not more than fifty members excluding employees. Its shares are not offered for subscription to general public. The word Private forms part of the name of the company.Public Limited Companies.Its shares are freely transferable. It can have any number of shareholders in exc

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