Origin of Concept of Company
This is a part of lecture presented by Mr. P.C Jangir, Vice Principal of Biyani Girls College. The word company is composed of Latin words two words — com +pain. Com means bread, pain means sharing. This means sharing bread together.
In the earlier time business men used to sit together and eat feast together and talk about business. Slowly and gradually company became a voluntary association of two or more persons working under a common object. After some time incorporation or registration became mandatory. Hence a Company is a voluntary association of two or more persons working for common purpose. It is invisible intangible artificial, created by law, having separate legal existence.
Its capital is divided into shares, which are transferable having common seal.