Category: Companies Act
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One Person Company (OPC)
This concept of One Person Company (OPC). The concept of OPC was first recommended by the expert committee of Dr. J J Irani in 2005. Based on these recommendations, the concept of OPC was introduced in the Companies Act, 2013. However, the aforementioned Act holds some restrictions on the rules governing OPC which have been relaxed in…
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FAQs on Kinds of Companies
In this article, we shall discuss frequently asked 2 marks questions based on different kinds of companies. a) Define company. According to Section 2(20) of the Companies Act, 2013, a “Company means a company incorporated under this Act or under any previous company law.” b) State the nationality of company. Company is governed by the laws of the…
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Concept Application 1.4 Essay Type Answers
Law and You > Corporate Laws > Companies Act, 2013 > Concept Application 1.4 Essay Type Answers These are frequently asked questions (Essay Type) on advantages and disadvantages of incorporation of a company and case laws associated with it. a) What are the salient features of a company? or What are the advantages of incorporation…
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Concept Applications 1.3 Short Notes
Law and You > Corporate Laws > Companies Act, 2013 >Concept Applications 1.1 Short Notes These are frequently asked questions (short notes) on basic features of company and case laws associated with it. a) Distinguish between a company and a partnership firm. Company Partnership Firm A joint stock company is an incorporated voluntary association of…
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Separate Property of a Company
Law and You > Corporate Laws > Companies Act, 2013 > Separate Property of a Company Due to a corporate personality a company bears its own name, acts under the name, has a seal of its own and its assets which are separate and distinct from those of its members. It is a different ‘person’…
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Limited Liability of Members of Company
Law and You > Corporate Laws > Companies Act, 2013 > Limited Liability of Members of Company The privilege of limited liability for business debts is one of the principal advantages of doing business under the corporate form of organization.” Due to the creation of a separate legal entity, the members have limited liability. In…
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Corporate Personality of a Company
Law and You > Corporate Laws > Companies Act, 2013 > Corporate Personality of a Company List of Sub-Topics: According to Section 2(20) of the Companies Act, 2013, a “Company means a company incorporated under this Act or under any previous company law.” The phrases used do not further explore the meaning, nature, or qualities of the corporation;…
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Comparison Between Company and Partnership
Law and You > Corporate Laws > Companies Act, 2013 > Comparison Between Company and Partnership List of Sub-Topics: When starting a business or is interested in expanding an existing one, an important decision relates to the choice of the form of organization. By weighing the advantages and disadvantages of each form of organization, the…
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Forms of Business Organizations
Law and You > Corporate Laws > Companies Act, 2013 > Forms of Business Organizations When starting a business or is interested in expanding an existing one, an important decision relates to the choice of the form of organization. By weighing the advantages and disadvantages of each form of organization, the most appropriate form is…