A company is 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.
The Nature of the Company
1. A company is the legal entity, i.e., has corporate personality.
2. Corporate personality is the fundamental principle or doctrine that goes to the root of company law that, a company being a legal person is entirely distinct from its members who formed it.
3 After being incorporate, a company becomes an independent legal entity vested with personality separate that of its shareholders.
4. The personality gives a company an artificial life, perpetual succession, the right to own and dispose of property and limited liability.
See, the case of Salomon vs Salomon [1897] A.C 22
Important Documents and Registration of Companies
• The organization that deals with the registration of companies is the BRELA.
• The important documents before registration at BRELA are Memorandum and Articles of Association (MEMATS).
NB: The are required to be acquainted with the formats of the MEMATS.
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