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Business Studies

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Question

Fill in the blanks:
After receipt of __________ a private company can start it's business.

A

trading certificate

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B

certificate of incorporation

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C

prospectus

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D

none of these

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Solution

The correct option is B certificate of incorporation
After receiving the Certificate of Incorporation, a private company can start its business. Incorporation of a Joint stock company is compulsory. Without incorporation, all the contracts would be considered void in the eyes of law and operations of business cannot be carried out.

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Q. A special feature of a private company is that it can start its business immediately after the issue of ___________.

Q. Fill in the blanks:
(a) A company is legally _______ from its members.
(b) Liability of every member in a company is _________.
(c) Registration of a company is _________.
(d) A company is managed by a _______.
(e) In a private company, there must be at least ________ members.
(f) A company has _______ succession.

Q. Mark the following statements True or False:
(a) A private company must file a statement in lieu of prospectus.
(b) A company which does not want to prepare its own Articles of Association can adopt Table A.
(c) A company wanting to raise capital must issue a prospectus.
(d) A private company can start its business immediately after incorporation.
(e) Capital clause is a part of the Articles of Association.
(f) The Memorandum of Association defines the relationship of a company with or outsiders.
(g) Every company must issue a prospectus to raise share capital.

After receipt of __________, a public company will be able to start its business.

A private company can adopt Table 'A' in place of its Articles.

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Standard XI Business Studies

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