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The company or corporation, unlike the partnership, is formed not simply by an agreement entered into between its first. The owners of the corporation in a legal sense are the shareholders, who purchase with their investment of capital a share in the proceeds of the enterprise and who are nominally entitled to a measure of control over the financial management of the corporation.
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Chief among these features are: (1) limited liability, meaning that capital suppliers are not subject to losses greater than the amount of their investment (2) transferability of shares, whereby voting and other rights in the enterprise may be transferred readily from one investor to another without reconstituting the organization under law (3) juridical personality, meaning that the corporation itself as a fictive “person” has legal standing and may thus sue and be sued, may make contracts, and may hold property in a common name and (4) indefinite duration, whereby the life of the corporation may extend beyond the participation of any of its incorporators.
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