A company is a legal entity formed by one or more individuals or groups to conduct business or other activities with a specific objective, often to generate profit. It is recognized by law as a separate legal person, distinct from its owners or members, which means it can enter into contracts, own assets, sue or be sued in its own name

. Key characteristics of a company include:

• Separate legal personality : The company exists independently of its owners.
• Limited liability : Owners' financial responsibility is limited to their investment in the company.
• Perpetual succession : The company continues to exist despite changes in ownership or management.
• Transferable shares : Ownership can be transferred through shares.
• Management structure : Typically governed by a board of directors who oversee operations

Companies can take various forms such as sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and nonprofit organizations. They operate across industries and sectors, aiming to provide goods or services, create jobs, and contribute to economic growth

. In summary, a company is an artificial legal "person" created by law that allows individuals to pool resources and conduct business activities with legal protections and responsibilities separate from those of its members