Question 1.: What is a company? What are the characteristics of a company form of business? The term "Company" was originally derived from 2 latin words: Com (means together) and Panis (means bread/meal). Thus the term "Company" was originally used for that group of person who took their meal together. From here we can say that "company" means that group of persons who get associated for common lawful purpose. Definition of Company under Companies Act, 2013 According to Section 2(20) of Companies Act, 2013 , “company means a company incorporated (formed and registered) under this Act or under any of the previous companies laws .” According to Section 9 of Companies Act, 2013 , from the date of incorporation mentioned in the certificate of incorporation , subscribers to the Memorandum of Association (MOA) and all other members of the company shall be a body corporate (by the name contained in the memor...