Tag: introduction to public sector organisations

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Multiple choice elements of business ownership structures - joint stock company meaning and objectives of public sector enterprises introduction to public sector organisations types of companies - private & public

Limited Liability Partnership form of business organization has been introduced in India by ________.

  1. Indian Companies Act, $1956$

  2. Limited Liability Partnership Act, $2008$

  3. Indian Contract Act

  4. Limited Liability Partnership Act, $2006$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Limited Liability Partnership Act, 2008, was the legislation enacted in India to govern LLPs. The other options refer to incorrect acts or years.

Multiple choice elements of business ownership structures - joint stock company meaning and objectives of public sector enterprises introduction to public sector organisations types of companies - private & public

Which amongst these is NOT A disadvantage of incorporating a company _____________.

  1. separate identify

  2. formation do expensive

  3. detailed winding up procedures

  4. co operate disclosures
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Separate legal identity is actually an ADVANTAGE of incorporation, not a disadvantage. A company's separate existence allows it to own property, sue and be sued in its own name, and continue regardless of member changes. The other options - expensive formation, detailed winding up procedures, and corporate disclosures - are genuine disadvantages. Note the question has garbled text.

Multiple choice elements of business ownership structures - joint stock company meaning and objectives of public sector enterprises introduction to public sector organisations types of companies - private & public

For constituting a company meeting what will be true, ____________________.

  1. One person can never constitute a meeting.

  2. One person may constitute a meeting in exceptional circumstances

  3. Neither a nor b

  4. Both a and b.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Generally, a meeting requires multiple people, but the Companies Act allows for a single person to constitute a meeting in specific circumstances, such as a meeting of a One Person Company or when ordered by a court.

Multiple choice elements of business ownership structures - joint stock company meaning and objectives of public sector enterprises introduction to public sector organisations types of companies - private & public

A company, when registered with limited liability under the Companies act. 1956 shall be deemed to be a company ________.

  1. limited by shares

  2. limited by money

  3. limited by directors

  4. all of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Under the Companies Act, a company can be limited by shares or by guarantee. Limited by shares is the most common form where liability is restricted to the unpaid amount on the shares held.

Multiple choice elements of business ownership structures - joint stock company meaning and objectives of public sector enterprises introduction to public sector organisations types of companies - private & public

The position of a company secretary is like that of a hub in a bicycle wheel this statements shows the ___________________.

  1. Importance of company secretary

  2. Rights of company secretary

  3. Duties of company secretary

  4. Liabilities of company secretary
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Comparing a company secretary to a hub in a bicycle wheel emphasizes their central role in coordinating administrative and legal functions, which highlights their importance to the organization.

Multiple choice elements of business ownership structures - joint stock company meaning and objectives of public sector enterprises introduction to public sector organisations types of companies - private & public

A new company was formed. All the directors appointed in the new company were appointed by XYZ Ltd. Thus the new company is __________ of XYZ Ltd.

  1. Holding

  2. Subsidiary

  3. An independent company which has not established business in India.

  4. None of the above.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

If one company has the power to appoint the majority of the directors of another company, the latter is considered a subsidiary of the former.

Multiple choice elements of business ownership structures - joint stock company meaning and objectives of public sector enterprises introduction to public sector organisations types of companies - private & public

Within _________ months the company formation should be done after the name approval has been received by the company.

  1. 3 months

  2. 3 days

  3. 3 years

  4. No limitation of time
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Once a company name is approved by the Registrar of Companies, the company must be incorporated within a specified timeframe, which is 3 months under current regulations.

Multiple choice elements of business ownership structures - joint stock company meaning and objectives of public sector enterprises introduction to public sector organisations types of companies - private & public

Salomon v. Salomon and Company proved that ____________.

  1. Company, is independent person.

  2. A person can be a member as well as creditor.

  3. Shareholder is not liable for the debt of co.

  4. All of the above.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Salomon v. Salomon case established the principle of separate legal entity, limited liability of shareholders, and the fact that a member can also be a creditor of the company.