A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms. A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy. When a company closes, it may need to be liquidated to avoid further legal obligations. Companies may associate and collectively register themselves as new companies; the resulting entities are often known as corporate groups. A business is called company because of its people's will to produce value. The history of “to produce” is Latin, deriving from produco: to lead forth, or bring forward. The history of “company” is Old French, meaning compaignie, or companionship.

Prachi Garg

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