Company

A company is a commercial business, association, or collective of people (either natural persons or legal persons, or a mixture of the two). Members of a company come together to utilise their collective skills to achieve common goals with a shared purpose. Companies can take many forms, e.g. a ‘company’ can describe a voluntary association or nonprofit organisation; a business entity with the common goal of gaining profit; banks and financial entities. A company, or an association of individuals, can lawfully be made a legal person wherein the company itself accepts Limited Liability for taxation and civil responsibility on behalf of its members. As legal persons, companies can register themselves as corporate groups. They hold a publicly declared Certificate of Incorporation (or “birth certificate”) and may also need a “death certificate” if they close in order to cease their legal obligations.