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Formation of a Company

ICSE · Class 11 · Commerce

Quick revision notes for Formation of a Company — ICSE Class 11 Commerce. Key concepts, formulas, and definitions for last-minute revision.

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Key Topics to Revise

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8.1 Promotion of a Company

  • Promotion is the process of exploration, investigation, and organization of resources to initiate a business under corporate ownership
  • It begins with the discovery of a business opportunity and ends when the company is ready to commence operations
  • Promotion involves arranging capital, infrastructure, human resources, and meeting legal requirements
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8.2 Incorporation or Registration of Companies

  • Incorporation is the legal process of registering a company with the Registrar of Companies under the Companies Act, 2013
  • Certificate of Incorporation is conclusive proof that a company has been lawfully formed
  • Incorporation involves three main stages: preliminary activities, filing documents, and receiving certificate
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8.3 The Promoter

  • Promoter is defined under Section 2(69) of Companies Act, 2013 with three criteria
  • A promoter conceives the business idea, plans the organization, and brings together resources
  • Promoter can be an individual, firm, association, or company
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8.4 Basic Documents of a Company - Memorandum of Association

  • Memorandum of Association is the charter or constitution of the company
  • It defines the powers, objects, and scope of operations of the company
  • No company can be incorporated without filing Memorandum of Association

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Key Concepts

Promotion is the process of discoveringIncorporation is the process of registeringFloatation is the process throughCommencement of business is the finalA promoter is a person

Frequently Asked Questions

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How to score full marks in Formation of a Company — ICSE Class 11 Commerce?
Start by understanding all key concepts. Practise previous year questions from this chapter. Revise formulas and definitions regularly. Use flashcards for quick revision before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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