What Do You Know About Kinds Of Companies?

1- Charted Company:

A company, which is incorporated by royal order, is known as charted company. A charter is issued at the time of information. All power and functions of the company are governed under the charter. This type of company is not formed now days. Some examples are East India Company, Charted bank of England.

2- Statutory Company:

This type of company is formed by the special order of Prime Minister, President or governor general of the country. This company is formed for the performance of some tasks of national interest. Example is state bank of Pakistan.

3- Registered Company:

This company is formed according to the company's ordinance 1984. There are three types of registered companies.

• Unlimited company:

Liability of the shareholders of unlimited company is unlimited like partnership. Liability of the share holders is unlimited. Its management is called board of directors. It has separate legal entity from its owners. Its shares are transferable

• Company Limited by Guarantee:

Every number of this company provides a guarantee to pay a specific sum of money at the time of its winding up. Liability of its member's id limited to their guarantee. This type of company is formed to promote social, cultural and scientific activities. Example is chamber of commerce.

• Company limited by shares:

A company in which liability of the shareholders is limited to the nominal value of shares held by them is called company limited by shares.

Private companies
public companies

Kinds of company, private company, deemed company,government company