As per the Companies Act, 2013 the term ‘body corporate’ comprises of public companies, private companies, foreign companies, partnership etc. Body corporate and corporations are one and the same thing which also includes a company which was incorporated outside India.
A body corporate does not include the following:
- Corporation Sole:
- A corporation sole is a legal body which has just a single incorporated office.
- A co-operative society which is registered under any law in the constitution regarding co-operative societies
- Any other body corporate which is not defined in the Companies Acts 0f 2013.
The difference between Body Corporate and Company:
- A body corporate is basically an entity which is registered in or outside the country whereas a company is an artificial person with an identity, seal, legal identity which is different from its members.
- A corporation should have a minimum sanctioned and authorised capital of Rs 5 crore while a company should have an authorised capital of Rs 1 crore.
- An entity/body is which is formed and registered in India under the Companies Act, 2013 is called a company whereas a corporation may or may not be registered in India.