Corporate Law- Basics of Company Law

WHICH OF THE FOLLOWING ARE NOT THE CHARACTERISTIC OF A COMPANY?

• IT EXISTS ONLY UNDER THE LAW

• THE MEMBERS CANNOT BE SUED FOR THE DEBTS OF A COMPANY

• IT COMES TO AN END ON THE DEATH OF ALL ITS MEMBERS

WHAT IS THE MINIMUM NUMBER OF MEMBER REQUIRED TO FORM A PUBLIC COMPANY?

• 2

• 4

• 7

• 9

WHAT IS THE MAXIMUM NUMBER OF MEMBERS REQUIRED FOR FORMATION OF A PRIVATE COMPANY?

• 100

• 50

• 200

• 250

LIMITED LIABILITY MEANS LIABILITY OF A MEMBER IS LIMITED TO THE EXTENT OF NOMINAL VALUE OF (a)   HELD BY HIM.

PERPETUAL SUCCESSION MEANS (a)  

WRITE ANY 2 CHARACTERISTICS OF A COMPANY?

UNDER WHAT BASIS COMPANIES ARE CLASSIFIED AS PUBLIC AND PRIVATE?

• INCORPORATION

• LIABILITY

• OWNERSHIP

• MEMBERSHIP

The process of forming a company where it becomes a legal entity is known as ______.

• Incorporation

• A franchise

• Liquidity

• Goodwill

---------- is the most popular types of companies

• Statutory companies

• Association for profit

• Registered companies

• One person company

The minimum number of Directors in a Public Company

• 2

• 3

• 10

• 15