The registered office clause requires you to show the physical location of the registered office of the company. You are required to keep all the company registers in this office in addition to using the office in handling all the outgoing and incoming communication correspondence.

A company does not cease to exist unless it is specifically wound up or the task for which it was formed has been completed. Membership of a company may keep on changing from time to time but that does not affect life 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.

According to James Stephenson, "A company is an Association of many persons who contribute money or money's worth to a common stock and employ it in some trade or Business, and who share the profit and loss (as the case may be) arising there form."
(or)
According to Sec 2 of Companies Act 2013, "A company is an artificial person created by law having a separate entity with a perpetual succession and a Common seal".

Perpetual succession means a joint-stock company has 'continuity of life'. According to Lord Gower, "Members may come and go but the company can go on forever". This is because company's existence does not depend upon the existence of even promoters who were instrumental in its formation. Neither change in the membership of the company nor the death of its members has any impact on the continuity of its life.

The principle of voting in a company is one share-one vote i.e. if a person has 10 shares; he has 10 votes in the company. This is in direct distinction to the voting principle of a co-operative society where the "One Member - One Vote" principle applies i.e. irrespective of the number of shares held, one member has only one vote.

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.

A public enterprise incorporated under the Indian Companies Act, 1956 is called a government company. These companies are owned and managed by the central or the state government. Section 617 of the Companies Act, 1956 defines "Government Companies" as any company in which not less than 51% of the [paid-up share capital] is held by.
(1) The Central Government; or
(2) Any State Government or Governments; or
(3) Partly by the Central Government and partly by one or more State Governments.

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.

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.

Meaning of Prospectus:
According to Section 2(36) of the Companies Act, any document inviting the public to buy its shares or debentures comes under the definition of prospectus. It also applies to advertisements inviting deposits from the public.
Contents of Prospectus:
A prospectus is "the only window through which a prospective investor can look into the soundness of a company's venture". Hence it must specify at least the following matters as per Schedule II:
1. The prospectus contains the main objectives of the company, the name and addresses of the signatories of the Memorandum of Association and the number of shares held by them.
2. The name, addresses and occupation of directors and managing directors.
3. The number and classes of shares and debentures issued.
4. The qualification share of directors and the interest of directors for the promotion of company.
5. The number, description and the document of shares or debentures which within the two preceding years have been agreed to be issued other than cash.
6. The name and addresses of the vendors of any property acquired by the company and the amount paid or to be paid.
7. Particulars about the directors, secretaries and the treasurers and their remuneration.
8. The amount for the minimum subscription.
9. If the company carrying on business, the length of time of such businesses.
10. The estimated amount of preliminary expenses.
11. Name and address of the auditors, bankers and solicitors of the company.
12. Time and place where copies of balance sheets, profits and loss account and the auditor's report may be inspected.
13. The auditor's report so submitted must deal with the profit and loss of the company for each year of five financial years immediately preceding the issue of prospectus.
14. If any profit or reserve has been capitalized, the particulars of such capitalization will be stated in the prospectus.

Contents of Memorandum of Association:
Name Clause:
i. The name clause requires to state the legal and recognized name of the company.
ii. The company name is allowed to be registered if it does not bear any similarities with the name of an existing company, companies only.
Situation Clause:
i. The registered office clause requires to show the physical location of the registered office of the company.
ii. It is required to keep all the company registers in this office.
iii. The registered office should be established prior to commencing business activities.
Objective Clause:
i. The objective clause requires to summarize the main objectives for establishing the company with reference to the requirements for shareholding and use of financial resources.
ii. It is required to state the ancillary objectives; that is, those objectives that are required to facilitate the achievement of the main objectives.
iii. The objectives should be free of any provisions or declarations that contravene laws or public good.
Liability Clause:
i. The liability cláuse requires to state the extent to which shareholders of the company are liable to the debt obligations of the company in the event of the company dissolving.
ii. There are companies limited by shares and limited by guarantee.
Capital Clause:
i. The capital clause requires to state the company's authorized share capital, the different categories of shares and the nominal value (the minimum value per share) of the shares.
ii. It is also required to list the company's assets under this clause.
Association Clause:
i. The association clause confirms that shareholders bound by the MOA are willingly associating and forming a company.
ii. It requires seven members to sign an MOA for a public company and not less than two people for a MOA of a private company.
iii. The signing must be done in the presence of witness who must also append his signature.

(i) Costly and difficult to form:
(1) Number of legal formalities must be observed in the formation of the company.
(2) To observe these legal formalities,promoters have to spend much time and money.
(ii) Scope for dishonest and unscrupulous management:
(1) The directors manage the company with the help of paid officers.
(2) If the directors are dishonest,they may make the personal gain at the expense of the company.
(iii) Management oligarchy:
(1) A few rich persons may secure control over the affairs of the company.
(2) Thus, the management of a joint stock company might become oligarchic in character.
(iv) Speculation:
A few individuals may corner the shares to gain control over the company.
(v) Lack of interest:
(1) The officers of the company do not have the incentive to work hard.
(2) They are not usually' inclined to take risks. They lack initiative.
(vi) Lack of good labour relations:
(1) In sole trading business personal supervision is possible.
(2) But in company form of organization, there is lack of personal contact between owners and workers.
(vii) High taxation: 
Joint stock companies have to pay tax at higher rates compared to other forms of organizations