Tag: company

Questions Related to company

Which of the following is advantage of incorporation of company?
(I) Limited Personality
(II) Limited Liability
(III) Limited Succession
Select the correct answer from the options given below:

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. (I) but not (II) and (III)

  2. (II) but not (I) and (III)

  3. (III) but not (I) and (II)

  4. (II) but not (III) and (I)

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Correct Option: D

Maximum number of members of a private company are ________.

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. 100

  2. 200

  3. 500

  4. Unlimited

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Correct Option: B

________ has homogeneous members.

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Partnership Firm

  2. Company

  3. Cooperatives

  4. Hindu Undivided Family

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Correct Option: D

In a private company there must not be less than -

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Two Persons

  2. Seven Persons

  3. Six Persons

  4. Ten Persons

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Correct Option: A

A company is legally required to have its accounts audited annually by a _______.

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Accountant in Practice

  2. Chartered accountant

  3. Chartered Financial Analyst

  4. Chartered Secretary in Practice

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Correct Option: B

A society registered under the Societies Registration Act come within the term 'Body Corporate'

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. True

  2. False

  3. Partly True

  4. Partly false

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Correct Option: B

A company consists of _______ members, whereas a Hindu Undivided Family business consists of _______ members since it consists of members of the joint family itself.

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Homogeneous, homogeneous

  2. Heterogeneous, homogeneous

  3. Homogeneous, Heterogeneous

  4. None of the above

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Correct Option: B

"Company Secretary" or "Secretary" means a company secretary as defined in ____of the Company Secretaries Act, 1980 who is appointed by a company to perform the functions of a Company Secretary under the Act.  

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Section 2 (1) (c)

  2. Section 2 (1) (a)

  3. Section 2 (1) (d)

  4. Section 2 (1) (e)

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Correct Option: A

A company may be _______________.

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Limited by shares

  2. Liimited by guarantee

  3. (A) or (B)

  4. (A) but not (B)

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Correct Option: C

A Company Secretary in practice is eligible to become a _____ of National Company Law Tribunal.

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Technical Member

  2. Judicial Member

  3. Ordinary Member

  4. Special Member

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Correct Option: A
Explanation:

Section 409 of the Companies Act. 2013 talks about the appointment of the members of the National Company Law Tribunal. As per clause (3) of the section the qualifications of being the technical member of the tribunal includes a person  who—

  • has, for at least fifteen years been a member of the Indian Corporate Law Service or Indian Legal Service out of which at least three years shall be in the pay scale of Joint Secretary to the Government of India or equivalent or above in that service; or
  • is, or has been, in practice as a chartered accountant for at least fifteen years; or
  • is, or has been, in practice as a cost accountant for at least fifteen years; or 
  • is, or has been, in practice as a company secretary for at least fifteen years; or
  • is a person of proven ability, integrity and standing having special knowledge and experience, of not less than fifteen years, in law, industrial finance, industrial management or administration, industrial reconstruction, investment, accountancy, labour matters, or such other disciplines related to
  • management, conduct of affairs, revival, rehabilitation and winding up of companies; or
  • is, or has been, for at least five years, a presiding officer of a Labour Court, Tribunal or National Tribunal constituted under the Industrial Disputes Act, 1947.