Company form of Business Organisation — Flashcards
NIOS · Class 12 · Business Studies
27 flashcards for Company form of Business Organisation (NIOS Class 12 Business Studies) to test yourself on key terms and facts.
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What is a Joint Stock Company? Define it clearly.
Answer
A Joint Stock Company is a voluntary association of persons with a large and fluctuating membership, incorporated under the Companies Act 2013. According to Prof. L.H. Haney, it is 'an artificial pers…
What do you mean by 'Incorporated Association' as a characteristic of a company?
Answer
Incorporated Association means that a company must be formally registered and incorporated under the Companies Act. It cannot come into existence on its own but requires legal formalities and registra…
Explain the concept of 'Separate Legal Entity' in a company.
Answer
Separate Legal Entity means that a company, unlike a partnership, has a distinct legal status separate from its members/shareholders. The company can own property, sign contracts, sue, and be sued in …
What is meant by 'Perpetual Succession' in the context of a company?
Answer
Perpetual Succession refers to the uninterrupted continuity of a company's existence. Since a company is an artificial person created by law, it cannot be incapacitated by illness and has no limited s…
What is the role and significance of the 'Common Seal' of a company?
Answer
The Common Seal is the official signature or stamp of a company. Since a company is an artificial person without a body, mind, or limbs, it cannot sign documents like natural persons do. Therefore, al…
What is 'Limited Liability' and why is it important for investors?
Answer
Limited Liability means that the members (shareholders) of a company are only liable to contribute towards payment of the company's debts up to the extent of their investment (share capital). If a com…
What does 'Transferability of Shares' mean and how does it benefit investors?
Answer
Transferability of Shares means that ownership shares in a company can be bought and sold relatively easily. In public companies, shares listed on stock exchanges like NSE and BSE can be transferred w…
Differentiate between a Private Company and a Public Company.
Answer
PRIVATE COMPANY: Minimum 2 members required, maximum 200 members. Restricts right to transfer shares. Cannot invite public to subscribe securities. Minimum paid-up capital of Rs. 1 lakh. Must write 'P…
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