1. Incorporated Entity – Formed by registration under the Act.

2. Separate Legal Identity – Exists independently of its members.

3. Perpetual Succession – Continues despite changes in membership.

4. Limited Liability – Members are liable only to the extent of their share capital or guarantee.

5. Artificial Legal Person – Has rights and duties like a natural person but acts through agents.

6. Transferability of Shares – Freely transferable in public companies; restricted in private ones.

7. Optional Common Seal – No longer mandatory but still used for formal documents.

8. Can Sue and Be Sued – Has the legal capacity to file or face legal proceedings.

9. Managed by Directors – Run by a board on behalf of shareholders.

10. Statutory Compliance – Must follow disclosure, filing, and regulatory obligations.