Navigating Solutions and Darkness

Companies can be classified by the manner in which they are limited into: Shares:  A registered company, whether public or private, having  the liability of its members limited by memorandum to the amount, if any, unpaid on the shares  respectively held by them. Guarantee:  A registered company having the liability of its members limited by its memorandum  to such an amount as the members may respectively undertake by the memorandum to contribute to the assets of the company  in the event of its being wound up. Liability here arises only upon winding up, and not while the company is a going concern. Unlimited:   A company not having any limit on the liability of its members.  Maximum liability in such cases can be to the full extent of their properties, to meet the obligations of the company by contributing to its assets. The members are not directly liable to creditors of the firm, unlike in a partnership, but to the company itself. A com...

Law may be from the sovereign, from popular consensus, from god, from a number of heterogeneous factors. These sources can be divided into: Principle sources Customary law -  Even though this is the most ancient form of law, its importance is diminishing with the growth of legislation and precedent. With sanction  - Enforced by the state Legal - operate as binding rule of law, recognized and enforced by the courts. Local - prevails in definite locality or community, source of law for that place only. General - prevails throughout the country. E.g.: common law of England Conventional - “usages” – binding due to an agreement between parties and not due to any legal authority independently possessed by them. Conditions:  It must be shown that convention is clearly established and fully known to the contracting parties. No fixed period for which it should have been observed before recognized as binding. Must be reasonable and can't alter the law of the land....