A company is a natural legal entity formed by the association and group of people to work together towards achieving a common objective. It can be a commercial or an industrial enterprise. Different types of companies are taxed differently; therefore, the taxation of the company defines its type. Some of the main definitions of the company are as follows;
According to the definition of a company by the Indian Act 2013;
”A registered association which is an artificial legal person, having an independent legal, entity with perpetual succession, a common seal for its signatures, a common capital comprised of transferable shares and carrying limited liability.”
According to the US legal definition;
”A company can be a corporation, partnership, association, joint-stock company, trust fund, or organized group of persons, whether incorporated or not, and (in official capacity) any receiver, trustee in bankruptcy, or similar official, or liquidating agent, for any of the foregoing.”


