Briefly explain the following terms in brief.

(a) Perpetual succession (b) Common seal

(c) Karta (d) artificial person

(a) perpetual succession: A company is created by law but cannot end by itself. It can be ceased with a specific procedure.

b) Common seal: it is an agreement of legal binding. The company have sealed in place of signatures.

(c) Karta: Karta is the eldest member of the family who has all the decision making powers. He has the responsibility of carrying out the business operation and can exercise full control over it.

(d) Artificial person: An artificial person cannot breathe or talk but has all the rights and liabilities and work as a normal being. Example Company is an artificial person that can lend and borrow money.