Once a company is incorporated under Companies Act, 1956 the company can own assets, borrow in its name from outside agencies. Sue outsiders and can be sued by outsiders in its name. Once a company is incorporated it will be treated as a separate person from the people who have taken steps to incorporate the company. The company will be treated as an artificial person in the eyes of law. Since the company is an artificial person, it can act only through some human agency. i.e., the members or the Board of Directors.
