• Contract under seal between Company, Members and its Officers inter se when Regulations are registered
•  Perpetual Succession
• Separate Legal status
• Legal person created and can sue and be sued

Upon incorporation a company becomes a body corporate, separate and distinct legal identity from those who formed it. The company has the powers of a natural person and of full capacity. Those who pulled their resources to form the company become members of the company if they subscribe to the Regulations of the company. A member has the right to attend a general meeting of the company and to speak and vote on a resolution.
None therefore, can claim ownership.

• Private company limited by shares
  A company having the liability of its members limited to the amount, if any unpaid on the shares respectively held by them. Section 9 sub section 1. The number of its members must not exceed 20.
• Private company limited by guarantee
  A company having the liability of its members limited to such amount as the members may undertake to contribute to the assets of the company in the events of its being wound up.
  Refers to charitable organizations who are not supposed to make profit
• Private unlimited company
  One not having any limits on the liability of its members as the name suggest.
• Public company limited by shares. A company having the liability of its members limited to the amount, if any unpaid on the shares respectively held by them. The number of members does not have any limits.

ADDENDUM-
Four Companies- The traditional types of Three Companies under Section 9 of the Companies Act 1963, ACT 179 when mentioned should attract 3 Marks each for One Company.
Where either PUBLIC OR PRIVATE COMPANY can be mentioned by the candidate, that should attract additional total mark of Three (3).

With the ‘Veil of Incorporation’, the company is separate from its members, such that, although the corporate veil principle is regarded as fundamental to company law, there are instances where it has been lifted or ignored in favor of the economic realities of the situation.
This occurs where the Courts are prepared to take judicial notice of the identities of the owners, directors or controllers with a view of fixing them with some legal liability. The reasons the Court give for lifting the veil may be several but notable among them are;
i) Agency principle
ii) Fraud principle
iii) Capital flight
iv) Public policy
v) Facade principle/ Evasion of contractual obligation
vi) Statutory provisions
Examples of statutory provisions are
a) Failure to publish annual returns
b) Operating with less than two directors
c) No membership ( a company without any member)
d) Failure to display the company’s name