CORPORATE FORM OF ORGANIZATION
The gradual growth of trade, commerce and industry during twentieth century, the size of business activities had grown up, and the sole proprietorship and the partnership forms of organizations did not supply all the capital needed. Therefore, a new form of business organization came into existence where in the public was invited to contribute capital. Such an organization is known as a Joint Stock Company or simply a company or alternatively named as a corporation. Such joint stock companies are established in Pakistan under Companies Act, 2017. A Joint Stock Company or Corporation is a fictitious or artificial legal person existing in the eyes of law. This legal person (Company) once created is distinct from its owners, stockholders, shareholders or members. The Company can own property, sue and be sued and generally carry on activities by its own name and title through its officers and agents. Being a creature of statute, the scope of its activities is dependent upon its memora...