Companies

365 views

Published on

Companies Act 1956, Section 3(1)(i)

“A company formed and registered under this act, or an existing act”.
“ A Voluntary incorporated organization which is an artificial person, created by law with limited liability having a common seal and perpetual succession”.

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
365
On SlideShare
0
From Embeds
0
Number of Embeds
5
Actions
Shares
0
Downloads
5
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Companies

  1. 1. COMPANIES ANJU ARUJA S3 MBA CET 14/09/2012
  2. 2. COMPANY  Association of individuals formed for some common purpose.  Voluntary association to carry on some business for    Profit Promote art,science,education Some charitable purpose
  3. 3. DEFINITION  Companies Act 1956, Section 3(1)(i)  “A company formed and registered under this act, or an existing act”.  “ A Voluntary incorporated organization which is an artificial person, created by law with limited liability having a common seal and perpetual succession”.
  4. 4. Salient Features  Voluntary association – activities of this association are governed by the law and are limited by its own character –The Memorandum Of Association.  Incorporated association  Independent legal entity  Separate property.  Perpetual succession
  5. 5.  Common seal  Share capital  Limited liability  Transferability of shares  Ownership and management
  6. 6. Classes Of Companies  Chartered company  Statutory companies incorporation  Registered companies  Companies limited by shares  Companies limited by guarantee  Companies with unlimited liabilities liability of members
  7. 7. Classes of companies  Private  Public number of members
  8. 8. Private company Public company Min members-2,max -50 Min members-7,max-no limit Min paid up capital-1 lkh Min paid up capital-5 lkhs Public cant subscribe shares or debentures They can Can immediately proceed to make allotment of shares after incorporation shall have to wait Need not wait for min subscription Shall have to wait After incorporation, it can immediately commence business Have to wait till certificate for commencement of business is received. May not hold statutory meeting Has to hold the meeting There is restriction on transfer of shares Freely transferred MOA be signed by 2 members MOA should be signed by at least 7 members.
  9. 9. Private company to public company  Conversion by default  Conversion by choice
  10. 10. THANKYOU

×