Artificial Legal Person
Any company formed under the Companies Act, 2013 or any other Company Act is treated as an individual legal person by law. The status of a legal person to a company is a designation and they are hypothetical in existence, so it is artificial. The company created by the individuals must follow all the rules of the Companies Act, 2013, so their creation is legal by the law. The company has various rights such as opening a bank account in their name, owning assets in their name and they have a right to sue any other individual or company in their name.