Companies Act, LLP and Competition Act

A company is a separate legal person: it can own property, sue and be sued, and its members' liability is normally limited to their shares. Worked example: if a company fails owing ₹10 lakh, a shareholder who has fully paid shares of ₹1 lakh loses at most that ₹1 lakh — the company's debts are not the shareholder's personal debts, because the company is a person distinct from its members.