According to section 2 (46) of the Companies Act, a share means a share in the share capital of the company and includes stock, except where a distinction between stock and shares is express or implied. A share indicates certain rights and liabilities.
The capital of a company is divided into units of a fixed denomination, Share refers to only such a unit. It is therefore clear that a share is a fractional part of the company's share capital.

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.

Minimum subscription must be received within 90 days from the date of prospectus, No allotment shall be made unless the amount stated in the prospectus as minimum subscription has been received and the application money on these has been received. If minimum subscription is not received within 90 days of the issue of the prospectus, money received on application must be refunded.

In a company limited by guarantee the liability of a shareholder is limited to the amount he has voluntarily Undertaken to contribute to meet any deficiency at the time of its winding up. Such a company mayor may not have a share capital. If it has a share capital, a member's liability is limited to the amount remaining unpaid on his shares plus the amount guaranteed by him.

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-
(i) Controls the composition of the Board of Directors; or
(ii) 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.

Every partner is jointly and severally liable for all acts of the firm. It means that in case these its are inadequate for meeting the claims of creditors, even their personal properties should be made available. The creditors can recover their claims from all the partners.

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.

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.