Company laws are rules and regulations that regulate the formation, registration, governance, and dissolution of the firm. The main aim of company law is to control the formation and management of the business.  There are two types of companies that is, public company and a private company. The public company is composed of seven or more members while the private company is composed of two members. Names of all members are subscribed in the company’s memorandum of association. Memorandum of association of every company must be written in the English language, in addition, the memorandum must contain the name of the company with the word limited as the last word and also the object of the company. The memorandum of the company limited by shares shall state liability its members as well as state each member’s contribution to the asset of the company. Subscribers must sign the memorandum and indicate the date when they signed. According to the law, the company is supposed to be registered with the registrar of the companies upon the formation.  Upon registration, the registrar certifies that the company is incorporated, in case of limited company. Certificate of the corporation given by registrar is a conclusive evidence that all requirements of the law have been complied with. A company can only change its name after the approval of the registrar which is signified in writing.   Company law states that a company can either have the liability of its members limited by the memorandum amount or the company may have the unlimited liability of its members.   It is the requirement of the law that every company must have articles of association. Articles of association prescribe the regulations of the company.  In case of the unlimited company, the article of association states the number of members proposed to be registered and for when the company has the share capital, it states the amount of share capital which the company proposes to register.  The article of association may adopt table A or any regulations that are in it.  Characteristics of an article of the association include, should be in English language, printed, divided into paragraphs, dated, and signed by each subscriber to the memorandum of association. There are three methods of the company winding up, these are voluntary, by court or subject to the supervision of the court.

Order Now