The document defines a company according to Indian law and outlines some key features: 1) A company is an artificial person created by law with a separate legal entity and perpetual succession. 2) Key features of a company include that it is an artificial person, has separate legal entity, perpetual succession, separate property, common seal, and limited liability. 3) The corporate veil can be lifted by courts to identify individuals responsible for fraud.

1. COMPANY LAW, 1956

12. Difference between public and private company? Basis Public company Private company Minimum paid up capital Rs. 5 Lakh Rs. 1 Lakh Acceptance of public deposits Free to accept deposits from public Cannot accept the deposit Minimum members 7 Persons 2 Persons Maximum members No Restriction Not more then 50 members. Transferability of shares Freely transferable Not freely transferable Prospectus Can issue prospectus Cannot issue prospectus Min. No of Directors. 3 Directors 2 Directors