(i) Though the separate personality of the Company is legally recognised, it needs the human agency to Act.
(ii) Obviously it cannot sign.
(iii) Any contract entered into by a Company, to be valid, must bear the official seal of the Company.

(i) Articles of Association is a supplementary document to be prepared by a Joint Stock Company.
(ii) It contains the rules and regulations for the Internal functioning of the Company.

Chartered companies are established by the King or Queen of a country. Powers and privileges of chartered company are specified in the charter. Power to cancel the charter is vested with King/Queen. Examples: East Indian Company, Bank of England, Hudson's Bay Company. The Companies Act does not apply to them. Such companies cannot be started in India.

Separate Property:
A Company is a distinct legal entity. A member cannot claim to be owner of the company's property during the existence of the company.
Capacity to Sue and being sued:
A company can sue or be sued in its own name as distinct from its members.

Chartered company, statutory company, public limited company, private limited company and government company are some of the different types of Companies.

Domestic Company means an Indian Company, or any other company which, in respect of its income liable to tax under the act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income.

(i) The Articles of Association (AOA) is a document that contains the purpose of the company as well as the duties and responsibilities of its members.
(ii) It is an important document which needs to be filed with the Registrar of Companies.
(iii) In the Companies Act, Table A Prescribes model for the articles of the companies. Table A is a document containing rules and regulations for the internal management of a company.

(i) A Memorandum of Association (MOA) is a legal document prepared in the formation and registration process of a limited liability company to define its relationship with shareholders.
(ii) It reveals what powers it has and what activities the company is permitted to undertake.
(iii) It is a public document and any person dealing with the company is presumed to have sufficient knowledge of it. It is the primary document of a company.

A foreign company means a company which is incorporated in a country outside India under the law of that country. After the establishment of business in India, the following documents must be filed with the Registrar of Companies within 30 days from the date of establishment.
1. A certified copy of the charter or statutes under which the company is incorporated, or the Memorandum and articles of the company translated into English.
2. The full address of the registered office of the company.
3.  A list of directors and secretary of the company.
4. The name and address of any person resident of India who is authorised to accept, on behalf of the company, service of legal process and any notice served on the company.
5. The full address of the company's principal place of business in India.

Transferability of Shares:
Transaction of Shares between two individuals is easy. So there is liquidity of investment. Any shareholder can easily convert his shares into money by selling his shares.
Perpetual Succession:
A company has perpetual or continuous existence. Members may go or new members may come in, but the company continues to exist. This ensures continuity in operations and the company can undertake long term investments.
Promotion of Saving and Investment Habit:
Joint stock company system encourages people to save. Even small amount can be used for the purchase of shares. A person can buy even one share of a company.

Advantages of a joint stock company are:
(i) Large capital:
A company can secure large capital compared to a sale trader or partnership. Large amount of capital is necessary for conducting business on a large scale. For ego Reliance has invested more than Rs.25,000 crore in its telecom venture. Raising such huge amount of funds would be utter impossible in a soletradership or partnership.
(ii) Limited liability:
The liability of a shareholder is limited. In 'the case of a company limited by guarantee, his liability is restricted to the amount that he has guaranteed to contribute in the event of winding up of the company.
(iii) Transferability of shares:
Transaction of Shares between two individuals is easy. So there is liquidity of investment. Any shareholder can easily convert his shares into money by selling his shares.
(iv) Perpetual succession:
A company has perpetual or continuous existence. Members may go or new members may come in, but the company continues to exist. This ensures continuity in operations and the company can undertake long term investments.
(v) Promotion of saving and investment habit:
Joint stock company system encourages people to save. Even small amount can be used for the purchase of shares. A person can buy even one share of a company.
(vi) Risk Bearing capacity:
The loss of the company is distributed over a large number of shareholders. So each shareholder bears a very little amount of loss. Hence the company form of organisation has risk bearing capacity.
(vii) Economies of Large-scale Operation:
A joint stock company can undertake business on large scale. As a result it can derive all the advantages of large scale production. For e.g. Hero Moto Corp Ltd. 2015, the world's largest seller of twowheelers, manufactures motorbikes on a large scale and is able to enjoy cost efficiency.
(viii) Economic Development:
Joint stock company system has been responsible for the rapid growth of industries and trade in many countries. Since Joint Stock Companies have large financial resources, they are able to undertake large scale production, satisfy the needs of more number of consumers, create large scale employment opportunities, promote balanced regional development and contribute substantially to the government by way of taxes.

Holding Companies :
As per Section 2(87) "subsidiary company" or "subsidiary", in relation to any other company (that is to say the holding company), means a company in which the holding company 
1. Controls the composition of the Board of Directors; or
2. Exercises or controls more than onehalf of the total share capital either at its own or together with one or more of its subsidiary companies:
Provided that such class or classes of holding companies as may be prescribed shall not have layers of subsidiaries beyond such numbers as may be prescribed.
Subsidiary Company:
"Subsidiary company" or "Subsidiary" in relation to any other company (that is to say the holding company), means a company in which the holding
company.
1. controls the composition of the Board of Directors; or
2. exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies:
Examples: H Ltd., holds more than 50% of the equity share capital of S Ltd. Now H Ltd., is the holding company of S Ltd. , and S Ltd., is the  subsidiary of H Ltd.

A Multi National Company (MNC) is a huge industrial organisation which:
(i) Operates in more than one country
(ii) Carries out production, marketing and research activities on international Scale in those countries.
(iii) Seeks to maximise profits world over.
Examples: Microsoft Corporation, Nokia Corporation, Nestle, Coca-Cola International Business Machine, Pepsico, Sony Corporation.