A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy. When a company closes, it may need to be liquidated to avoid further legal obligations.
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One can define a company as an "artificial person", invisible, intangible, created by or under law, with a discrete legal personality, perpetual succession, and a common seal. Except for some senior positions, companies remain unaffected.
Commonly used where companies are formed for non-commercial purposes, such as clubs or charities.
This type of company stanard is commonly used in England. A company limited by guarantee may be with or without having share capital.
A hybrid entity, but the activities of the company are partly funded by investors who expect a return.
In the legal context, the owners of a company are normally referred to as the "members". In a more company limited or unlimited by shares (formed or incorporated with a share capital), this will be the shareholders. In a company limited by guarantee, this will be the guarantors.
Some offshore jurisdictions have created special forms of offshore company in a bid to attract business for their jurisdictions. Examples include "segregated portfolio companies" and restricted purpose companies.