Joint Stock Company — Flashcards
ICSE · Class 11 · Commerce
38 flashcards for Joint Stock Company (ICSE Class 11 Commerce) to test yourself on key terms and facts. Sample: "What is a joint stock company?"
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What is a joint stock company?
Answer
A joint stock company is an artificial person created by law. It has a separate legal entity, perpetual succession, a common seal, and usually limited liability. Its capital is divided into shares.
Why was the joint stock company form of business needed?
Answer
It developed to overcome the weaknesses of sole proprietorship and partnership, such as shortage of capital, unlimited liability, lack of managerial ability, and lack of stability. It is especially us…
State the definition of a company given by L.H. Haney.
Answer
A company is an artificial person created by law having a separate entity with a perpetual succession and a common seal. This definition highlights the legal and separate existence of the company.
State the definition of a company given by James Stephenson.
Answer
A company is an association of many persons who contribute money or money's worth to common stock and employ it in some trade or business and who share the profits and loss arising therefrom. It shows…
State the definition of a company given by Lord Lindley.
Answer
A company is an association of many persons who contribute money's worth to a common stock and employ it for a common purpose. The stress is on common contribution and common purpose.
What definition of a corporation is given by Chief Justice Marshall?
Answer
A corporation is an artificial person being invisible intangible and existing only in contemplation of the law. It explains that a company is a legal creation, not a natural person.
What does Justice James say a company is?
Answer
A company means an association of persons united for a common object. The definition is simple and focuses on unity of purpose.
What is the statutory definition of a company under the Indian Companies Act, 2013, Section 2(20)?
Answer
A company means a company incorporated under this Act or under any previous Company Law. This definition gives legal recognition to companies formed under company law.
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