Question:
Explain the contents of Memorandum of Association.
Answer:
Contents of Memorandum of Association: The memorandum must contain the following clauses:
- The Name Clause: It contains the name of company with which the company will be known.
- Registered Office Clause: It contains the name of the state, in which the registered office of the company is proposed to be situated.
- Objects Clause: It defines the purpose for which the company is formed. It is further divided into two sub-clauses: (1) the main objects (2) other objects.
- Liability Clause: It states that the liability of members is limited to the amount unpaid on shares owned by them.
- Capital Clause: It specifies the maximum capital, which the company will be authorized to raise through issue of shares.
- Association Clause: In this clause, signatories to the memorandum, state their intention to be associated with the company and give their consent to purchase qualification shares.
Forms of Business Organisation
Q 1.
X is interested in the floatation of a company. Briefly discuss the steps he should take.
Q 2.
What is the role of Karta in Joint Hindu Family business?
Q 3.
Compare the status of a minor in a Joint Hindu Family Business with that in a partnership firm.
Q 4.
What is meant by ˜partner by estoppel'? Explain.
Q 5.
Define promoter. What are the functions of a promoter?
Q 6.
Explain meaning, features, merits and demerits of Sole Proprietorship.
Q 7.
Explain procedure of registering a partnership firm.
Q 8.
Explain different types of partners.
Q 9.
Explain procedure of registering a partnership firm.
Q 10.
Explain meaning, features, merits and demerits of partnership firm.
Q 11.
What are the steps required for raising funds from public?
Q 12.
What do you mean by incorporation of a company? What are the steps involved in corporation of a company?
Q 13.
Explain meaning, features, merits and demerits of joint stock company.
Q 14.
Discuss the characteristics, merits and limitations of the cooperative form of organization. Also describe briefly different types of cooperative societies.
Q 15.
State the important privileges available to a private company.
Q 16.
Define Articles of Association. What are its contents?
Q 17.
Is registration of partnership firm compulsory? What are the consequences of non-registration?
Q 18.
For which of the following types of business do you think a partnership firm of organization would be more suitable, and why?
(i) Grocery store (ii) Medical store
(iii) Legal consultancy (iv) Craft centre
(v) Internet cafe (vi) Chartered accountancy firm
Q 19.
Explain the contents of Memorandum of Association.
Q 20.
Distinguish between a Joint Hindu family business and partnership.
Q 21.
What do you understand by a.sole proprietorship firm? Explain its merits and limitations.
Q 22.
Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organization. Why?
Q 23.
Explain the concept of mutual agency in partnership with suitable example.
Q 24.
Distinguish between a Joint Hindu family business and partnership.
Q 25.
For which of the following types of business do you think a sole proprietorship firm of organization would be more suitable, and why?
(i) Grocery store (ii) Medical store
(iii) Legal consultancy (iv) Craft centre
(v) Internet cafe (vi) Chartered accountancy firm
Q 26.
Explain the meaning, features, merits and demerits of cooperative society.
Q 27.
Explain different types of partners.
Q 28.
Explain the following terms in brief:
(i) Perpetual succession (ii) Common seal
(iii) Karta (iv) Artificial person
Q 29.
If registration is optional, why do partnership firms willingly go through this legal formality and get themselves registered? Explain.
Q 30.
How does a cooperative society exemplify democracy and secularism? Explain.
Q 31.
Why is partnership considered by some to be a relatively unpopular form of business ownership? Explain the merits and limitations of partnership.
Q 32.
Differentiate between:
- Memorandum of Association and Articles of Association.
- Private and Public Company