Company form of Business Organisation — Flashcards
Telangana Open School (TOSS) · Class 12 · Business Studies
30 flashcards for Company form of Business Organisation (Telangana Open School (TOSS) Class 12 Business Studies) to test yourself on key terms and facts.
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What is a company according to the Companies Act, 2013?
Answer
Section 2(20) of the Companies Act, 2013 defines a company as an entity incorporated under this Act or any previous company law. It is a legal form of business organisation created by law, having a di…
Explain the term 'artificial person' in relation to a company.
Answer
A company is called an artificial person because it is created by law but does not have a physical body like a human being. It can own property, enter into contracts, sue and be sued, but it needs hum…
What is meant by 'separate legal entity' of a company?
Answer
A company has a separate legal entity distinct from its members. This means it can own assets, incur debts, and enter into contracts in its own name. Even if all shareholders die, the company continue…
Define 'perpetual succession' with an example.
Answer
Perpetual succession means that a company continues to exist regardless of changes in ownership or membership. For example, if all shareholders of Reliance Industries pass away, the company still oper…
What is the significance of the 'common seal' in a company?
Answer
The common seal is the official signature of a company. Since a company is an artificial person, it cannot sign documents physically. Any agreement signed without the common seal may not be legally bi…
What is limited liability in a company?
Answer
Limited liability means that the financial responsibility of shareholders is limited to the unpaid amount on their shares. For example, if a shareholder holds 100 shares of ₹10 each and has paid ₹8 pe…
Differentiate between transferability of shares in private and public companies.
Answer
In a public company, shares can be freely transferred on stock exchanges like BSE or NSE. In a private company, transfer of shares is restricted by its Articles of Association, and approval from other…
What is a Private Company? List its key features.
Answer
A private company is one that restricts share transfer, limits members to 200, and prohibits public subscription. It must have at least 2 members and use 'Private Limited' in its name. It enjoys more …
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