what is non corporate entity?
This query is : Open
05 December 2016
what is non corporate entity?
06 December 2016
Corporate or corporeal personality is a fictitious personality which is recognised by the law of land as person in addition to human being and if something is done by wrong under the cover of this corporate person then the cover is left to identify actual doer.
Human are the natural person. They form association or group. The very first group come is family. Indian law recognise the family in terms of Hindu Undivided Family. When limited person form a group for a non commercial venture like for tour or club or recreation they recognised by way of association of person. When association is form for welfare on ground of regional or general basis or arrangements are made by way of securing and administrating some property or asset with object to draw benefit from such property for certain individual then law recognise such arrangement as trust. When a few people organised, contribute and partake a commercial venture including banking and insurance for mutual co-operation then law recognise this group as co-operative society. When a few people join to share the profit and loss of a commercial venture then law recognise them under partnership, and at last the law provide identity under certain act / statute like universities, corporation and companies. Entity or association formed under these act are called corporate person because the corpus i.e. the body though not physically existed but the law recognise this association as distinct separate exclusive entity apart from human being and confer liabilities and give rights hence they become corporate person.
Human are the natural person. They form association or group. The very first group come is family. Indian law recognise the family in terms of Hindu Undivided Family. When limited person form a group for a non commercial venture like for tour or club or recreation they recognised by way of association of person. When association is form for welfare on ground of regional or general basis or arrangements are made by way of securing and administrating some property or asset with object to draw benefit from such property for certain individual then law recognise such arrangement as trust. When a few people organised, contribute and partake a commercial venture including banking and insurance for mutual co-operation then law recognise this group as co-operative society. When a few people join to share the profit and loss of a commercial venture then law recognise them under partnership, and at last the law provide identity under certain act / statute like universities, corporation and companies. Entity or association formed under these act are called corporate person because the corpus i.e. the body though not physically existed but the law recognise this association as distinct separate exclusive entity apart from human being and confer liabilities and give rights hence they become corporate person.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
