THE UNITED STATES OF AMERICA AND GREAT BRITAIN

Company is a business organization selling goods or services. In the United States a limited company with limited liability is called a corporation. In Great Britain «corporation» has another mean­ing. It is not a limited company but a local government body. A public Corporation in Great Britain is an organization that operates the nationalizing branch of industry and belongs to the government.

A company is a body corporate created by royal charter or by a spe­cific Act of Parliament. A Company will not exist until it has received its certificate of incorporation. Incorporation is the act of forming a company by carrying out the necessary legal formalities. A Company is a legal person separate and distinct from the people who own it, usu­ally with limited liability.

Liability of members may be limited by shares, or by guarantee, or may be unlimited. Where the word «limited» does not appear, the organization is not a company in the legal sense. The phrase «one-man company» is often used to describe a small private company, where control is effectively in the hands of a person. By law there must always be more than one member.

In the United Kingdom under the Companies Act 1985 there are three classes of companies:

1. a limited private company;

2. an unlimited private company;

3. a public limited company.

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