ABSTRACT
The common term tor incorporated bodies is companies and they come in a variety of forms: limited and unlimited depending on the liability of their shareholders; private and public depending on whether or not they are prohibited from inviting the public to subscribe for any of their securities. This chapter makes students fully aware of the set of characteristics that attach to incorporated bodies. It allows students to become familiar with the procedures that need to be followed for incorporated status to be achieved. The chapter puts forward a system of classification for incorporated bodies. A corporate body is treated as being a person in its own right entirely separate from the individuals who comprise it. Corporate bodies fall into two broad categories. They are a corporation sole and a corporation aggregate. Guarantee companies are uncommon. As they may not distribute their profit surpluses to their members they are normally created to discharge charitable or professional purposes.
