By virtue of legal form companies can be classified into following types:
The company that is formed under special statue is called statutory company. This type of company is governed by the ordinance under which this type of company is created. As in most of other parts of the world there are companies in Pakistan that are formed under some special statue. In Pakistan one of the most renowned statutory companies is State Bank of Pakistan. State Bank of Pakistan is a statutory company and is regulated by the state bank of Pakistan ordinance.
Chartered company is formed under a special charter granted by the head of the state, or Queen or King in some countries. This type of company normally enjoys some special rights or privileges over other companies. The Chartered Bank of England is an example of chartered company.
Government company is the type of company in which majority of the shareholding is controlled by the Government or in other words if 51% or more of the paid up capital of the company is owned by the Government such type of company is called Government company. Further a company which is a subsidiary of the Government company is also called Government company.
A registered company in Pakistan is the company which is registered under the provisions of the Companies Ordinance, 1984. These companies have different types which are explained below:
A company limited by shares is the type of company in which the liability of the members of the company is limited to the amount unpaid on the shares if any. In simple words if company has authorized capital of Rs. 100,000 out of which members have paid just Rs. 40,000 then in case of any legal action or other dispute the members of the company are liable to contribute just Rs. 60,000.
A company limited by guarantee is the type of company in which the liability of the members of the company is limited up to the amount undertaken by members to contribute in the event of winding up of the company. In simple words the liability of the members is limited up to the amount guarantee by them.
Unlimited company is the type of company in which the liability of the members of the company is unlimited. In simple words if the company is in the course of winding up then to settle creditors and other claims against the company there is no limit of contribution and even the personal assets of the members can be ordered to be taken in custody for the purpose of settlements of winding up of the company.