Company

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A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals.

Over time, companies have evolved to have the following features: "separate legal personality, limited liability, transferable shares, investor ownership, and a managerial hierarchy".^[1] The company, as an entity, was created by the state which granted the privilege of incorporation.^[1]

Companies take various forms, such as:

• voluntary associations, which may include nonprofit organizations
• business entities, whose aim is to generate sales, revenue, and profit
• financial entities and banks
• programs or educational institutions

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 duties according to the publicly declared incorporation published policy. When a company closes, it may need to be liquidated to avoid further legal obligations. Companies may associate and collectively register themselves as new companies; the resulting entities are often known as corporate groups.