Legal Term: COMPANY

Definition: An association of a number of individuals for the purpose of carrying on some legitimate business. 2. This term is not synonymous with partnership, though every such unincorporated compass is a partnership. 3. Usage has reserved this term to associations whose members are in greater number, their capital more considerable, and their enterprizes greater, either on account of their risk or importance. 4. When these companies are authorized by the government, they are known by the name of corporations. (q. v.) 5. Sometimes the word is used to represent those members of a partnership whose names do not appear in the name of the firm; as, A.B & Company. Vide, 12 Toull. n, 97; Mortimer on Commerce, 128. Vide Club; Corporation; Firm; Parties to actions; Partnership.

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