Company is a voluntary association of individuals for the purpose of carrying on some lawful activity.  It is an artificial person created by law.  It has a separate legal entity with a perpetual succession, common seal and a common capital comprised of  limited liability and transferability of shares.
            Under the Companies Act, 1956, a joint stock company has been defined as a company limited by shares having a permanent paid up of nominal share capital of fixed amount divided into shares, also a fixed amount held and transferable as stock and formed on the principle of having in its members only the holders of those shares or stock and no other person.

            A company thus may be defined as an incorporated association which is an artificial legal person having separate legal entity with a perpetual succession, a common seal and a common capital comprised of transferable shares limited liability.