The document discusses the process of incorporating a company, including promotion of the company by a promoter, drafting the memorandum and articles of association, registering the company with the registrar to obtain a certificate of incorporation, subscribing capital from investors, and finally receiving a certificate of commencement of business to allow a public company to begin operations. Key steps include registering the company, filing documents with the registrar, holding board meetings, issuing a prospectus, and allotting shares to investors who subscribe to the capital.
Formation and incorporation of companies in pakistanMuneeb Ahmed
The document discusses company registration in Pakistan. It outlines the process for registering a company in Pakistan according to the Companies Ordinance 1984. The key steps include: 1) Applying for company name availability, 2) Preparing required documents like Memorandum of Association, Articles of Association, forms, 3) Submitting documents to the registrar, 4) Receiving a certificate of incorporation, 5) Receiving a certificate of commencement of business if a public limited company. It also discusses types of companies that can be registered and relevant laws governing company registration in Pakistan. The case discusses promoter liability for pre-incorporation contracts.
Definition
Stages in Formation
Memorandum of Association (MOA)
Article of Association (AOA)
Prospectus
Definition
Stages in Formation
Memorandum of Association (MOA)
Article of Association (AOA)
Prospectus
help how company formed in pakistan
Formation and incorporation of companyHumma Rashid
This document discusses the process of forming and registering a company in Pakistan. It explains that upon registration, a company becomes a separate legal entity with its own rights and liabilities. There are three types of companies that can be registered: limited by shares, limited by guarantee, or unlimited liability.
The registration process involves selecting a name, preparing documents like the Memorandum of Association, Articles of Association, and Form 1, paying registration fees, submitting documents to the Securities and Exchange Commission of Pakistan (SECP), and receiving a Certificate of Incorporation. Once incorporated, the company gains benefits like the ability to own property, sue and be sued, and have perpetual succession separate from its members.
1. The document defines different types of companies under the Companies Act 1956 including private companies, public companies, government companies, and foreign companies. It outlines their key characteristics such as minimum members, directors, and restrictions.
2. The formation process of companies is explained beginning with incorporation where important documents like the memorandum of association and articles of association are filed. A certificate of incorporation is then issued.
3. Company meetings such as the statutory meeting, annual general meeting, and extraordinary general meeting are discussed. Provisions around notice, agenda, quorum and minutes are covered for validly conducting company meetings.
This document discusses one person companies (OPCs) in India. An OPC allows a single individual to form a corporate entity, limiting their liability to the company while still enjoying corporate benefits. Key points include that OPCs promote entrepreneurship, have simple registration requirements, and exempt the single member from various governance rules like holding annual meetings. OPCs provide liability protection and separate legal status compared to sole proprietorships. The document outlines provisions for OPCs in India's Companies Bill of 2009, including defining OPCs, registration requirements, and exempting them from annual meetings.
The document discusses the formation of companies in India including the definition of a company, stages of company formation, and key company documents. It notes that a company is formed when a group of people come together to exploit business opportunities by combining resources. The main stages of formation are promotion, name selection, incorporation by registering documents, and raising share capital. Key documents include the Memorandum of Association, which defines the company, Articles of Association, which covers internal regulations, and the Prospectus, which provides details for public share offerings.
The document summarizes key provisions around management and administration under Chapter VII of the Companies Act, 2013. It outlines disclosure requirements in the annual return such as details of subsidiaries, remuneration to directors, and changes in promoter stake. It discusses the timeline for holding annual general meetings, requirements around notice and quorum for meetings, voting processes including electronic voting, and demand for polls. The document also covers maintenance of registers of members and inspection and filing of annual returns and other documents.
Formation and incorporation of companies in pakistanMuneeb Ahmed
The document discusses company registration in Pakistan. It outlines the process for registering a company in Pakistan according to the Companies Ordinance 1984. The key steps include: 1) Applying for company name availability, 2) Preparing required documents like Memorandum of Association, Articles of Association, forms, 3) Submitting documents to the registrar, 4) Receiving a certificate of incorporation, 5) Receiving a certificate of commencement of business if a public limited company. It also discusses types of companies that can be registered and relevant laws governing company registration in Pakistan. The case discusses promoter liability for pre-incorporation contracts.
Definition
Stages in Formation
Memorandum of Association (MOA)
Article of Association (AOA)
Prospectus
Definition
Stages in Formation
Memorandum of Association (MOA)
Article of Association (AOA)
Prospectus
help how company formed in pakistan
Formation and incorporation of companyHumma Rashid
This document discusses the process of forming and registering a company in Pakistan. It explains that upon registration, a company becomes a separate legal entity with its own rights and liabilities. There are three types of companies that can be registered: limited by shares, limited by guarantee, or unlimited liability.
The registration process involves selecting a name, preparing documents like the Memorandum of Association, Articles of Association, and Form 1, paying registration fees, submitting documents to the Securities and Exchange Commission of Pakistan (SECP), and receiving a Certificate of Incorporation. Once incorporated, the company gains benefits like the ability to own property, sue and be sued, and have perpetual succession separate from its members.
1. The document defines different types of companies under the Companies Act 1956 including private companies, public companies, government companies, and foreign companies. It outlines their key characteristics such as minimum members, directors, and restrictions.
2. The formation process of companies is explained beginning with incorporation where important documents like the memorandum of association and articles of association are filed. A certificate of incorporation is then issued.
3. Company meetings such as the statutory meeting, annual general meeting, and extraordinary general meeting are discussed. Provisions around notice, agenda, quorum and minutes are covered for validly conducting company meetings.
This document discusses one person companies (OPCs) in India. An OPC allows a single individual to form a corporate entity, limiting their liability to the company while still enjoying corporate benefits. Key points include that OPCs promote entrepreneurship, have simple registration requirements, and exempt the single member from various governance rules like holding annual meetings. OPCs provide liability protection and separate legal status compared to sole proprietorships. The document outlines provisions for OPCs in India's Companies Bill of 2009, including defining OPCs, registration requirements, and exempting them from annual meetings.
The document discusses the formation of companies in India including the definition of a company, stages of company formation, and key company documents. It notes that a company is formed when a group of people come together to exploit business opportunities by combining resources. The main stages of formation are promotion, name selection, incorporation by registering documents, and raising share capital. Key documents include the Memorandum of Association, which defines the company, Articles of Association, which covers internal regulations, and the Prospectus, which provides details for public share offerings.
The document summarizes key provisions around management and administration under Chapter VII of the Companies Act, 2013. It outlines disclosure requirements in the annual return such as details of subsidiaries, remuneration to directors, and changes in promoter stake. It discusses the timeline for holding annual general meetings, requirements around notice and quorum for meetings, voting processes including electronic voting, and demand for polls. The document also covers maintenance of registers of members and inspection and filing of annual returns and other documents.
This document provides information about the formation and incorporation of a company as well as the winding up process of a company under Indian law. It discusses the key stages in company formation including promotion, registration, and commencement of business. It also outlines the roles and responsibilities of promoters. For winding up, it describes the different modes including compulsory winding up by tribunal order and voluntary winding up. It discusses the roles of liquidators and various procedures involved in both types of winding up.
Need to obtain a certificate from the registrar of companies in order to commence a new business. Prospectus of a company and its related information will be discussed here.
Sources of recritment selection and selection process Bobby Kalluri
The document discusses the recruitment and selection process. It defines recruitment and describes internal and external sources of recruitment. Internal sources include promotions, transfers, and internal advertisements, while external sources include public advertisements, campus recruitment, and recommendations. The benefits and drawbacks of internal and external recruitment are also outlined. The document then discusses the selection process, including interviews, evaluating candidates, reference checks, making offers, and the responsibilities of interviewers in selecting the most qualified candidates.
This document discusses company law and provides definitions and characteristics of companies. It defines a company as an association of persons who contribute money to a common stock for a common purpose. Key characteristics of companies include independent corporate existence, perpetual succession, transferability of shares, and limited liability. The document compares companies to partnerships and outlines the different types of companies, their formation process, advantages, and differences between private and public companies.
Transmission of shares refers to the transfer of ownership of shares by operation of law, such as inheritance, succession, or bankruptcy rather than by voluntary transfer. When shares are transmitted, the company must register the new owner based on an application and proof provided. For transmission, a share transfer deed is not required as it occurs by operation of law rather than voluntary transfer. The new owner provides documentation like a death certificate, succession certificate, or probate along with their specimen signature for registration. The original liabilities and liens on the shares continue with the transmitted shares. Payment of consideration or stamp duty is not required for transmission as it occurs by operation of law.
Partnership is a form of business ownership that arises when two or more persons come together and pool their capital, skills, and labor to operate a business for mutual profit. The key reasons for forming a partnership include overcoming limitations of sole proprietorship such as limited resources and skills by combining the strengths of multiple individuals. A partnership is governed by the Indian Partnership Act of 1932 and allows for unlimited liability as well as shared profits, losses, risks, and mutual agency between partners in operating the business together.
This document discusses the winding up process for companies in India. It defines winding up as the process of dissolving a company by closing down its business, selling off assets, paying creditors, and distributing any remaining assets to members. There are three main types of winding up: compulsory (by court order), voluntary by members, and voluntary by creditors. The key differences between member and creditor voluntary winding up relate to control, meetings, liquidator appointment, and powers of the liquidator. Relevant sections of Indian law governing winding up are also cited.
A joint stock company is an incorporated association with a separate legal existence from its members. It has a perpetual succession regardless of member changes and its members have limited liability. Key characteristics include separate legal identity, members having limited liability for company debts, capital divided into freely transferable shares, and control being separated from ownership with directors managing on behalf of shareholders. It is created by law as an artificial legal person distinct from natural persons.
The document discusses the process of winding up or dissolving a company in India. It can be done either voluntarily through a resolution of shareholders/creditors or compulsory through an order of the court. The liquidator takes control of the company's assets and property to pay off debts and distribute any surplus to shareholders. Various grounds for voluntary and compulsory winding up are provided, along with priority of payments of liabilities and special provisions for different types of companies like government companies and foreign companies.
A Managing Director means a director who is entrusted with substantial powers of management by virtue of an agreement with the company or a board or shareholder resolution. A Managing Director exercises their powers subject to the control and direction of the board of directors. A Whole Time Director includes a director in whole time employment of a company and must be vested with substantial powers of management. A Manager has management of the whole or substantially the whole of a company's affairs, and can be a director or any other person, whether employed under a contract or not. A company cannot simultaneously employ a Managing Director and a Manager.
The Indian economy has a variety of companies existing in its market such as public companies, private companies, investment companies, limited liability companies etc.
These numerous entities in the market may look different from each other on the surface but based upon certain identifiable common characteristics they can be grouped into below-mentioned classifications. This article aims to draw your attention towards the conventional classification of the companies that are made based upon factors such as liability, control, incorporation, transferability of shares etc.
The document defines a profession as an occupation that requires specialized knowledge and training, regulated entry, and aims to provide a service to society. It states that management meets the criteria to be considered a profession as it has a distinct body of knowledge developed over decades, requires formal education and training to develop skills, and has representative bodies that prescribe codes of conduct, though membership is not mandatory. The document concludes that management can be viewed as a profession due to its specialized knowledge base, formal education and training requirements, professional associations, and service orientation.
The document discusses different types of partnerships under Indian law. It describes general partnerships where all partners have unlimited liability. Limited partnerships consist of general partners with unlimited liability and limited partners whose liability is limited to their capital contribution. The document also outlines rights and obligations of various types of partners such as active, sleeping, limited, and minor partners. It discusses rights that partners have such as rights to profits, management participation, and accessing firm records.
The document discusses the key characteristics and types of companies according to the Companies Act of 1956 in India. It defines a company as an association formed to carry out business with transferable shares owned by members. The key characteristics mentioned are that a company is an incorporated legal entity separate from its members, has perpetual existence, uses a common seal, and has delegated management. The types of companies are classified based on mode of incorporation, number of members, ownership, control and nationality.
The document outlines the key stages in forming a company:
1. Promotion, where an individual called a promoter undertakes initial work to establish the company.
2. Incorporation, which occurs when the company registers with the Registrar of Companies by submitting important documents like the Memorandum and Articles of Association.
3. Capital subscription, where a public company can raise funds from public issue of shares and debentures through steps like SEBI approval and allotment.
4. Commencement of business, the final stage where the company receives a certificate from ROC allowing it to begin operations.
The marginal productivity theory of wages states that a worker's wage will equal their marginal productivity or the amount of additional output produced as a result of employing one more worker. The key points of this theory are:
- Firms aim to maximize profits and will hire workers as long as their marginal productivity exceeds their marginal cost (wage).
- A worker's marginal productivity depends on factors like their skills, experience, technology used etc. More productive workers have higher marginal productivity.
- In a competitive labor market, wages will be bid up to equal the marginal productivity of workers. If wages are below marginal productivity, firms can profitably hire more workers. If wages are above marginal productivity, firms will lay off workers.
- Over
Types of partners, partnership deed & registration of partnersip firmPuneet Gupta
Puneet Gupta is a class 12 student studying Business Studies. His topic covers types of partners, partnership deeds, and registration of partnership firms. There are 4 types of partners: active partner, sleeping partner, nominal partner, and partner by estoppel. A partnership deed is a written agreement between partners that details aspects like capital contributions, profit/loss sharing, admission/retirement of partners, and dispute resolution. Registration of a partnership firm is optional but provides legal benefits like the ability to file lawsuits. The registration process involves submitting a form with partner and firm details to the Registrar of Firms.
An extraordinary general meeting (EGM) is a meeting other than the annual general meeting that is usually called to deal with urgent matters. An EGM can be convened by the board of directors, directors on requisition by shareholders holding at least 10% of shares, the requisitionists themselves if the board fails to call a meeting within 45 days, or the tribunal if deemed impracticable to hold a meeting otherwise. The board must give at least 21 days notice for an EGM unless 95% of shareholders consent to shorter notice. If requisitioned, the board must call an EGM within 45 days and it must be held within 3 months.
The document discusses the key stages in forming a company in India: 1) Promotion, where promoters conceive the business idea and prepare documents; 2) Incorporation, which gives the company a legal identity through registration; 3) Capital subscription, where the company raises funds through share issuance; and 4) Commencement of business, where the company receives approval to begin operations. Promoters play an important role in establishing the company and have both rights and responsibilities regarding disclosure and profits.
The document discusses the key steps involved in forming a company in India, including:
1. Electronic filing of forms with the Ministry of Corporate Affairs to incorporate the company.
2. Receipt of a Certificate of Incorporation from the Registrar once the memorandum and articles of association are filed.
3. The role of promoters in conceptualizing the company, securing initial funding, and completing the incorporation process before handing over control to the board of directors.
This document provides information about the formation and incorporation of a company as well as the winding up process of a company under Indian law. It discusses the key stages in company formation including promotion, registration, and commencement of business. It also outlines the roles and responsibilities of promoters. For winding up, it describes the different modes including compulsory winding up by tribunal order and voluntary winding up. It discusses the roles of liquidators and various procedures involved in both types of winding up.
Need to obtain a certificate from the registrar of companies in order to commence a new business. Prospectus of a company and its related information will be discussed here.
Sources of recritment selection and selection process Bobby Kalluri
The document discusses the recruitment and selection process. It defines recruitment and describes internal and external sources of recruitment. Internal sources include promotions, transfers, and internal advertisements, while external sources include public advertisements, campus recruitment, and recommendations. The benefits and drawbacks of internal and external recruitment are also outlined. The document then discusses the selection process, including interviews, evaluating candidates, reference checks, making offers, and the responsibilities of interviewers in selecting the most qualified candidates.
This document discusses company law and provides definitions and characteristics of companies. It defines a company as an association of persons who contribute money to a common stock for a common purpose. Key characteristics of companies include independent corporate existence, perpetual succession, transferability of shares, and limited liability. The document compares companies to partnerships and outlines the different types of companies, their formation process, advantages, and differences between private and public companies.
Transmission of shares refers to the transfer of ownership of shares by operation of law, such as inheritance, succession, or bankruptcy rather than by voluntary transfer. When shares are transmitted, the company must register the new owner based on an application and proof provided. For transmission, a share transfer deed is not required as it occurs by operation of law rather than voluntary transfer. The new owner provides documentation like a death certificate, succession certificate, or probate along with their specimen signature for registration. The original liabilities and liens on the shares continue with the transmitted shares. Payment of consideration or stamp duty is not required for transmission as it occurs by operation of law.
Partnership is a form of business ownership that arises when two or more persons come together and pool their capital, skills, and labor to operate a business for mutual profit. The key reasons for forming a partnership include overcoming limitations of sole proprietorship such as limited resources and skills by combining the strengths of multiple individuals. A partnership is governed by the Indian Partnership Act of 1932 and allows for unlimited liability as well as shared profits, losses, risks, and mutual agency between partners in operating the business together.
This document discusses the winding up process for companies in India. It defines winding up as the process of dissolving a company by closing down its business, selling off assets, paying creditors, and distributing any remaining assets to members. There are three main types of winding up: compulsory (by court order), voluntary by members, and voluntary by creditors. The key differences between member and creditor voluntary winding up relate to control, meetings, liquidator appointment, and powers of the liquidator. Relevant sections of Indian law governing winding up are also cited.
A joint stock company is an incorporated association with a separate legal existence from its members. It has a perpetual succession regardless of member changes and its members have limited liability. Key characteristics include separate legal identity, members having limited liability for company debts, capital divided into freely transferable shares, and control being separated from ownership with directors managing on behalf of shareholders. It is created by law as an artificial legal person distinct from natural persons.
The document discusses the process of winding up or dissolving a company in India. It can be done either voluntarily through a resolution of shareholders/creditors or compulsory through an order of the court. The liquidator takes control of the company's assets and property to pay off debts and distribute any surplus to shareholders. Various grounds for voluntary and compulsory winding up are provided, along with priority of payments of liabilities and special provisions for different types of companies like government companies and foreign companies.
A Managing Director means a director who is entrusted with substantial powers of management by virtue of an agreement with the company or a board or shareholder resolution. A Managing Director exercises their powers subject to the control and direction of the board of directors. A Whole Time Director includes a director in whole time employment of a company and must be vested with substantial powers of management. A Manager has management of the whole or substantially the whole of a company's affairs, and can be a director or any other person, whether employed under a contract or not. A company cannot simultaneously employ a Managing Director and a Manager.
The Indian economy has a variety of companies existing in its market such as public companies, private companies, investment companies, limited liability companies etc.
These numerous entities in the market may look different from each other on the surface but based upon certain identifiable common characteristics they can be grouped into below-mentioned classifications. This article aims to draw your attention towards the conventional classification of the companies that are made based upon factors such as liability, control, incorporation, transferability of shares etc.
The document defines a profession as an occupation that requires specialized knowledge and training, regulated entry, and aims to provide a service to society. It states that management meets the criteria to be considered a profession as it has a distinct body of knowledge developed over decades, requires formal education and training to develop skills, and has representative bodies that prescribe codes of conduct, though membership is not mandatory. The document concludes that management can be viewed as a profession due to its specialized knowledge base, formal education and training requirements, professional associations, and service orientation.
The document discusses different types of partnerships under Indian law. It describes general partnerships where all partners have unlimited liability. Limited partnerships consist of general partners with unlimited liability and limited partners whose liability is limited to their capital contribution. The document also outlines rights and obligations of various types of partners such as active, sleeping, limited, and minor partners. It discusses rights that partners have such as rights to profits, management participation, and accessing firm records.
The document discusses the key characteristics and types of companies according to the Companies Act of 1956 in India. It defines a company as an association formed to carry out business with transferable shares owned by members. The key characteristics mentioned are that a company is an incorporated legal entity separate from its members, has perpetual existence, uses a common seal, and has delegated management. The types of companies are classified based on mode of incorporation, number of members, ownership, control and nationality.
The document outlines the key stages in forming a company:
1. Promotion, where an individual called a promoter undertakes initial work to establish the company.
2. Incorporation, which occurs when the company registers with the Registrar of Companies by submitting important documents like the Memorandum and Articles of Association.
3. Capital subscription, where a public company can raise funds from public issue of shares and debentures through steps like SEBI approval and allotment.
4. Commencement of business, the final stage where the company receives a certificate from ROC allowing it to begin operations.
The marginal productivity theory of wages states that a worker's wage will equal their marginal productivity or the amount of additional output produced as a result of employing one more worker. The key points of this theory are:
- Firms aim to maximize profits and will hire workers as long as their marginal productivity exceeds their marginal cost (wage).
- A worker's marginal productivity depends on factors like their skills, experience, technology used etc. More productive workers have higher marginal productivity.
- In a competitive labor market, wages will be bid up to equal the marginal productivity of workers. If wages are below marginal productivity, firms can profitably hire more workers. If wages are above marginal productivity, firms will lay off workers.
- Over
Types of partners, partnership deed & registration of partnersip firmPuneet Gupta
Puneet Gupta is a class 12 student studying Business Studies. His topic covers types of partners, partnership deeds, and registration of partnership firms. There are 4 types of partners: active partner, sleeping partner, nominal partner, and partner by estoppel. A partnership deed is a written agreement between partners that details aspects like capital contributions, profit/loss sharing, admission/retirement of partners, and dispute resolution. Registration of a partnership firm is optional but provides legal benefits like the ability to file lawsuits. The registration process involves submitting a form with partner and firm details to the Registrar of Firms.
An extraordinary general meeting (EGM) is a meeting other than the annual general meeting that is usually called to deal with urgent matters. An EGM can be convened by the board of directors, directors on requisition by shareholders holding at least 10% of shares, the requisitionists themselves if the board fails to call a meeting within 45 days, or the tribunal if deemed impracticable to hold a meeting otherwise. The board must give at least 21 days notice for an EGM unless 95% of shareholders consent to shorter notice. If requisitioned, the board must call an EGM within 45 days and it must be held within 3 months.
The document discusses the key stages in forming a company in India: 1) Promotion, where promoters conceive the business idea and prepare documents; 2) Incorporation, which gives the company a legal identity through registration; 3) Capital subscription, where the company raises funds through share issuance; and 4) Commencement of business, where the company receives approval to begin operations. Promoters play an important role in establishing the company and have both rights and responsibilities regarding disclosure and profits.
The document discusses the key steps involved in forming a company in India, including:
1. Electronic filing of forms with the Ministry of Corporate Affairs to incorporate the company.
2. Receipt of a Certificate of Incorporation from the Registrar once the memorandum and articles of association are filed.
3. The role of promoters in conceptualizing the company, securing initial funding, and completing the incorporation process before handing over control to the board of directors.
The document discusses the four stages of company formation: 1) Promotion, 2) Incorporation or registration, 3) Raising capital, and 4) Commencement of business. It provides details on each stage. Promotion refers to the activities involved in starting an enterprise. Incorporation involves registering the company with the registrar and submitting documents like the memorandum of association. Raising capital requires steps like obtaining regulatory approval and issuing a prospectus. A public company must obtain a business commencement certificate from the registrar to verify requirements are met before starting operations.
The document discusses the process of forming a public limited company in India. It involves four main stages: 1) promotion, 2) incorporation, 3) capital subscription, and 4) commencement of business. The promotion stage involves organizing the company and drafting required documents. Incorporation requires registering the company with the registrar. For a public company, the capital subscription stage involves issuing a prospectus and raising minimum capital. Finally, a certificate to commence business must be obtained from the registrar before the company can begin operations. Private companies can begin business immediately after incorporation.
The document discusses the key steps involved in forming a company in India. These include:
1) Deciding on the type of business and company structure.
2) Obtaining necessary approvals and documents like Digital Signature Certificate and Director Identification Number.
3) Filing documents like Memorandum of Association, Articles of Association, and forms for name reservation and incorporation.
4) Raising capital through public offers or private subscriptions from investors.
5) Obtaining a certificate of incorporation and then a separate certificate to commence business operations once minimum capital requirements are met. The process involves promoters, incorporation or registration with regulatory authorities, and establishing the capital structure of the new company.
The document discusses the key aspects of company promotion and formation in India. It explains that promoters are responsible for conceptualizing the company and registering it with the appropriate documents. The promoters must decide whether to form a public or private company and prepare the Memorandum of Association (MoA) and Articles of Association (AoA) accordingly. The MoA outlines the company name, objectives, capital, while the AoA describes internal management rules. Promoters are responsible for filing these and other required documents to obtain a certificate of incorporation from the Registrar of Companies.
The document discusses the key stages and processes involved in forming and operating a company in India according to the Companies Act of 1956. It covers the stages of promotion, incorporation, capital subscription, and commencement of business. It also discusses essential documents like the memorandum of association, articles of association, and prospectus. Other topics covered include types of company meetings, roles and powers of directors, and winding up processes like voluntary and compulsory liquidation.
This document discusses the corporate structure and administration of joint stock companies. It defines joint stock companies and outlines their key features such as limited liability and transferable shares. The document also covers the types of companies (private, public, unlimited), necessary documents for formation, and steps for incorporation like preparing the memorandum of association. Overall, the document provides a comprehensive overview of the nature and formation process of joint stock companies.
The document outlines the key stages in forming a company:
1. Promotion, where an individual called a promoter undertakes initial work to establish the company.
2. Incorporation, which occurs when the company registers with the Registrar of Companies by submitting important documents like the Memorandum and Articles of Association.
3. Capital subscription, where a public company can raise funds from public issue of shares and debentures through steps like SEBI approval and allotment.
4. Commencement of business, the final stage where the company receives a certificate from ROC allowing it to begin operations.
The document outlines the key stages in forming a company:
1. Promotion, where an individual called a promoter undertakes initial work to establish the company.
2. Incorporation, which occurs when the company registers with the Registrar of Companies by submitting important documents like the Memorandum and Articles of Association.
3. Capital subscription, where a public company can raise funds from public issue of shares and debentures through steps like SEBI approval and allotment.
4. Commencement of business, the final stage where the company receives a certificate from ROC allowing it to begin operations.
The document outlines the key stages in forming a company:
1. Promotion, where an individual called a promoter undertakes initial work to establish the company.
2. Incorporation, which occurs when the company registers with the Registrar of Companies by submitting important documents like the Memorandum and Articles of Association.
3. Capital subscription, where a public company can raise funds from public issue of shares and debentures through steps like SEBI approval and allotment.
4. Commencement of business, the final stage where the company receives a certificate from ROC allowing it to begin operations.
The document discusses the key aspects of forming a company under Indian law, including defining what constitutes an Indian and foreign company, outlining the process of promotion, registration with the registrar of companies, and floatation through issuing a prospectus or statement in lieu of prospectus to raise capital and obtain a certificate to commence business.
The document outlines the key steps involved in forming and incorporating a company in India. There are 4 main stages: 1) Promotion, where promoters develop the business idea and prepare documents; 2) Incorporation/Registration, where the company is legally created by registering with the Registrar of Companies; 3) Capital Subscription, where shareholders invest money in the company; 4) Commencement of Business, where the company can legally start operations. Private companies only need to complete the first two stages to incorporate, while public companies must complete all four stages. The document details the various documents and legal requirements involved in each stage of the process.
A joint stock company is formed through a process that involves promotion, registration, and capital subscription. Promoters collect information needed for formation and prepare documents like the Memorandum of Association, which outlines the company's objectives and share types, and the Articles of Association, which contains rules for administration. For registration, promoters submit these documents along with registration fees to the registrar. Once incorporated, directors issue a prospectus to publicly raise capital. After sufficient funds are collected, the company receives a certificate to commence business operations. Joint stock companies allow for large capital through many shareholders and provide features like legal status, transferable shares, and limited liability.
The document discusses the key stages and processes involved in forming a company in India. It describes the four main stages as promotion, incorporation, capital subscription, and commencement of business. For each stage, it outlines the various functions, documents required, and legal requirements that must be fulfilled. Specifically, it provides details on the documents needed for incorporation like the memorandum of association, articles of association, consent of directors, and statutory declaration. It also explains the effect of the certificate of incorporation and requirements for starting a business like minimum capital subscription and declarations.
The document discusses the key steps involved in forming a company in India. It explains that company formation begins with promotion, where interested individuals come together to decide on starting a business. The main stages discussed are incorporation through registration of legal documents like the memorandum of association and articles of association with the registrar of companies, and commencement of business operations. It provides details on the roles of promoters, contents required in the legal documents, and registration fees payable based on the authorized capital of the company.
Stages in formation & incorporation of companyRohan Talreja
The document outlines the key stages in the formation and incorporation of a company in India. It discusses 4 main stages: 1) Promotion stage where the idea is developed and important decisions are made. 2) Incorporation/registration stage which gives the company legal existence when registered under the Companies Act by filing various documents. 3) Capital subscription stage where funds are raised through shares (public companies) or from members/banks (private companies). 4) Business commencement stage where private companies can start operations after registration while public companies need an additional certificate to commence business.
Formation of a company involves 4 key stages: 1) Promotion, where business opportunities are identified and requirements assembled. 2) Incorporation, where documents like the MoA and AoA are filed and a certificate of incorporation is obtained. 3) Capital subscription/flotation, where share capital is raised from the public through an IPO listing on the stock exchange. 4) Commencement of business, where additional documents are filed and a certificate allowing the company to commence operations is secured. The process turns a group of promoters into a legally incorporated company that can conduct business.
The document provides an overview of key aspects of Indian contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law, requiring offer and acceptance, lawful consideration, and lawful object. The Act aims to regulate business transactions and consists of general contract principles and special types of contracts. It establishes essential elements for a valid contract such as free consent, capacity of parties, certainty of performance, and adherence to legal formalities. Major sections of the Act are also outlined.
This document appears to be a presentation on marketing by Irfaan Meera, an assistant professor. The presentation defines marketing as engaging customers and managing profitable relationships by attracting new customers and satisfying current ones. It provides examples of successful marketing strategies and an example of a marketing failure with the Tata Nano car. The presentation also defines the marketing mix or "4 P's of marketing" as product, price, place, and promotion and provides brief explanations of each. It concludes that marketing is about putting the right product in the right place at the right price and time.
This document discusses various marketing communication tools including advertising, publicity, public relations, personal selling, and sales promotion. It provides details on the objectives and key aspects of each tool. Specifically, it outlines 6 objectives of advertising such as introducing new products and brands, creating awareness, acquiring customers, differentiation, brand building, and increasing sales and profits. It also discusses the difference between publicity and public relations, noting that PR involves planned activities to promote an organization's image while publicity refers to unplanned media coverage. The document provides examples and advantages of each communication tool.
UNIT 1 LOGISTICS AND SUPPLY CHAIN MANAGEMENT.pptxIrfaanMeera1
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The document provides information about bank correspondence and examples of letters written to banks. It includes a sample request letter written by Ramesh Gupta to his bank manager asking for a 3 month extension to repay his car loan installment due to personal reasons. It also lists a question asking to write a letter to the bank manager to open a current account.
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This document discusses various methods for measuring the effectiveness of advertising and sales promotion strategies. It outlines arguments for and against measuring effectiveness, as well as different testing processes that can be used at various stages of campaign development. These include concept testing, rough art testing, pretesting finished advertisements, and post-testing strategies. The document also discusses where and how to conduct testing, and provides guidelines for effective testing, such as establishing objectives and using both pretests and posttests.
This document discusses the importance of measuring the effectiveness of advertising and sales promotion strategies. It outlines arguments for and against measuring effectiveness, and describes various testing processes that can be used, including concept testing, rough art testing, finished commercial pretesting, and post-testing of print and broadcast ads. The document emphasizes that effectiveness measures should be linked to campaign objectives and that both pretesting and post-testing using multiple measures can help evaluate whether objectives are achieved.
The document discusses the concept of lifting or piercing the corporate veil. It begins by explaining that a corporate veil separates a company's actions from its shareholders' actions, protecting shareholders from liability. However, courts can lift the veil and hold shareholders liable depending on the facts of the case. It then provides examples of reasons why a court may lift the veil, including when a company is a sham or fraud, acts as an agent, violates public policy, or is formed to evade taxes. The document also discusses statutory provisions under which the veil can be lifted, such as having too few members, failing to refund application fees, misdescribing the company name, or fraudulent trading.
COMPANY LAW & SECRETARIAL PRACTICE.pptxIrfaanMeera1
The document provides an overview of the syllabus for a course on Company Law and Secretarial Practice. It covers 5 units: (1) incorporation of a company and the role of the company secretary, (2) prospectus and share capital, (3) members and shareholders, (4) key managerial personnel and meetings, and (5) winding up of a company. It also defines what a company is, outlining 9 key characteristics including separate legal entity, limited liability, perpetual succession, and transferability of shares. The landmark case of Salomon v Salomon established that a company is a separate legal entity from its members.
This document discusses product marketing and packaging. It covers the characteristics of products, classifications of consumer and industrial goods, the new product development process, and product life cycle. It also discusses branding, packaging levels including primary, secondary and tertiary packaging, and the functions of packaging such as protection, containment, attractiveness, identification, convenience and effective sales. The document appears to be lecture slides or notes from Irfaan Meera on the topics of product marketing and packaging.
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This document provides an overview of organizational behaviour concepts through a syllabus and lecture slides. It discusses:
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2) Elements that influence organizational behavior including people, structure, technology, and the external environment.
3) Classical and modern theories of organization, such as administrative theory, scientific management theory, and systems approach.
4) Key topics covered in the syllabus like motivation, leadership, group dynamics, and organizational culture.
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The document discusses organizational culture and organizational development. It defines organizational culture as shared assumptions, values, and beliefs that govern employee behavior within an organization. It also describes characteristics of organizational culture like common language, work norms, and expectations. The document then discusses stages of group development including forming, storming, norming, performing, and adjourning. Finally, it outlines some advantages of group decision making like avoiding reliance on one individual, creating more acceptance of outcomes, and allowing expertise from various members to benefit decisions.
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The document discusses motivation theories including Maslow's hierarchy of needs and Herzberg's two-factor theory. Maslow's theory proposes that humans have five levels of needs - physiological, safety, love and belonging, esteem, and self-actualization - which motivate behavior. Herzberg's theory separates job factors into hygiene factors like pay and working conditions, which prevent dissatisfaction, and motivational factors like achievement and recognition, which encourage satisfaction. The document provides definitions and examples to explain each theory.
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"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
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Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
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सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
Receivership and liquidation Accounts
Being a Paper Presented at Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Friday, August 18, 2023.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
2. Incorporation of Company
Incorporation is the first process of giving existence or birth of
company.
Registration or establishment of company is incorporation.
Incorporation is creation of a legal person by registration of a
company with existing law.
Once a company has been legally incorporated, it becomes a distinct
entity from those who invest their capital and labor to run the
company.
2
.
3. Who is a promoter?
A promoter is a person who does necessary preliminary work incidental to the
formation of company.
He conceives the idea of starting a business and takes all the measures required for
bringing the enterprise into existence.
3
.
4. Formation of a Company
1) Promotion Stage
2) Drafting of Memorandum & Article of Association
3) Incorporation or Registration Stage
4) Certificate of Incorporation
5) Capital Subscription stage
6) Commencement of Business
4
5. Formation of a Company
1) Promotion Stage
Promotion is the first stage in the formation of a company.
The term ‘Promotion’ refers to the aggregate of activities designed to bring an enterprise to
operate a business
According to C.W Grestembeg, “Promotion may be defined as the discovery of business
opportunities and the subsequent organisation of funds, property and managerial ability into a
business concern for the purpose of making profits.
5
6. Formation of a Company
1) Promotion Stage
Promotion is the first stage in the formation of a company.
The term ‘Promotion’ refers to the aggregate of activities designed to bring an enterprise to
operate a business
According to C.W Grestembeg, “Promotion may be defined as the discovery of business
opportunities and the subsequent organisation of funds, property and managerial ability into a
business concern for the purpose of making profits.
6
7. Formation of a Company
1) Promotion Stage
1. Preliminary Contract or Pre-Incorporation contract
For the formation of the company, the promoters are required into enter into various contract with
third parties e.g. purchasing some property or hiring the services of professions like lawyers,
technicians etc.
The promoters become personally liable for all the contracts entered into by them.
After the incorporation of the company, such contracts are not binding on the company, because
the company obtains its legal entity status only after its incorporation.
7
8. Formation of a Company
1) Promotion Stage
2. Promotion Process
The process of business promotion begins with conceiving the idea and ends when that idea
is translated into action i.e., commencement or existence of business.
It comes into existence as a result of the efforts of an individual or group of people or an
institution.
8
9. Formation of a Company
1) Promotion Stage
2. Promotion Process
Discovery of Business opportunities
Detailed investigation
Assembling
Financing the promotion
9
10. Formation of a Company
1) Promotion Stage
2. Promotion Process
Discovery of Business opportunities
The idea of starting the business enterprise is conceived by the promoter. The idea
conceived should applicable and feasible.
Detailed investigation
The promoter should know the capital requirement, location, size, demand of the
product in the market and the profitable prices of the product
10
11. Formation of a Company
1) Promotion Stage
2. Promotion Process
Assembling
Assembling is getting the support and consent of some other peersons to act as
directors or founder, arranging suitable site for the company and arrangement of patents
Financing the promotion
The promoter also prepares prospectus which is a written invitation to the public
to subscribe for the paid-up capital.
11
12. Formation of a Company
2) Drafting of MOA & AOA
Memorandum of Association
It is one of the most important documents required by company for formation and to get
registration with registrar.
It contains all information regarding the company including name of the company,
registered office, company capital and also liabilities of the members of the company
Article of Association
Article of Association comprised of rules and regulation that govern the company’s
internal affairs
12
13. Formation of a Company
3) Incorporation or Registration Stage
Incorporation or registration is the third stage in the formation of a company.
It is the registration that brings a company into existence. A company is properly
constituted only when it is duly registered under the Act and a certificate of incorporation
has been obtained from the Registrar of Companies
13
14. Formation of a Company
3) Incorporation or Registration Stage
In order to get a company registered or incorporated, the following procedures are to be
adopted.
Mode of incorporation
A company may be formed for any lawful purpose by,
Any 7 or more persons (2 in case of private) associated for any lawful purpose may form an
incorporated company with or without limited liability.
They shall subscribe their names to memorandum and also comply with all formalities with
respect of registration.
14
15. Formation of a Company
3) Incorporation or Registration Stage
Documents to be filed with the registrar to get Certificate of Incorporation
The following are the documents to be filed with the registrar to get the Certificate of
Incorporation of company:
1) MOA: It is to be signed by a minimum of 7 persons for a public company and by 2 in case
of private company. It must be properly stamped.
2) AOA: It is to be signed by all those who have signed MOA( Public company limited by
shares need not have its own AOA.
15
16. Formation of a Company
3) Incorporation or Registration Stage
Documents to be filed with the registrar to get Certificate of Incorporation
3) List of Directors
A list of directors with their names, address and occupation is to be prepared and filed with the
Registrar of Companies
4)Written consent by directors
A written consent of the directors that they have agreed to act as directors along with a written
evidence undertaking to take qualification shares and will pay for them.
(Qualification shares means minimum no. of shares required to become the director of a
company)
16
17. Formation of a Company
3) Incorporation or Registration Stage
Documents to be filed with the registrar to get Certificate of Incorporation
5) Notice of the address of the registered office
It is also compulsory to file the notice of the address of the company’s registered office at the
time of incorporation. It is to be given within 30 days after the date of incorporation.
17
18. Formation of a Company
3) Incorporation or Registration Stage
Documents to be filed with the registrar to get Certificate of Incorporation
5) Statutory declaration
A declaration stating all the requirements and formalities relating to registration have been
compiled with. Such declaration shall be signed by any one persons such as
○ Advocate of Supreme Court
○ An Attorney
○ Secretary or Chartered Accountant
○ A person named as Director or Manager or Secretary in AOA
When the required documents have been filed with the registrar along with the prescribed fee, the
Registrar scrutinizes the documents. If the registrar is satisfied, the name of the company is entered
in the Register and he issues a Certificate known as Certificate of Incorporation.
18
19. Formation of a Company
3) Certificate of Incorporation
The registrar shall satisfy himself that all the
statutory requirements regarding registration
have been duly compiled with and issue a
certificate called ‘Certificate of Incorporation’
i.e., “Formation of Company”.
19
20. Formation of a Company
4) Certificate of Incorporation
This document is the birth certificate of the company and in the proof of the existence of the
company.
After getting certificate of incorporation, the company cannot cease to existence unless it is
dissolved by order of court.
20
21. Formation of a Company
5) Capital Subscription Stage
A private company or a public company not having share capital can commence business
immediately on it’s incorporation.
‘Capital Subscription stage’ and ‘Commencement of Business stage’ are relevant only in case of
a public company having a share capital. Such a company has to pass through these additional
two stages before commencement of business.
Under Capital subscription stage, it is the duty for the company to obtain necessary capital for
the company.
21
22. Formation of a Company
5) Capital Subscription Stage
1. Board Meeting
As soon as after the incorporation, a meeting of the Board of Directors is convened to
deal with the following business.
Appointment of the Secretary. In most cases the appointment of pro-tem secretary (who is
appointed at the promotion stage) is confirmed.
Appointment of bankers, auditors, solicitors and brokers etc.
Adoption of draft ‘prospectus’ or ‘statement in lieu of prospectus’.
Adoption of underwriting contract, if any.
22
23. Formation of a Company
5) Capital Subscription Stage
Pro-tem secretary : The first secretary of the company is appointed by promoters during the
promotion stage. Since the company does not come into existence, such a secretary is called the
pro-tem or provisional secretary i.e Secretary for time being.
A prospectus is defined as a legal document describing a company’s securities that have been put
on sale. The prospectus generally discloses the company’s operations along with the purpose of
the securities being offered
The Statement in Lieu of Prospectus is a document filed with the Registrar of the Companies (
ROC ) when the company has not issued prospectus to the public for inviting them to subscribe
for shares
An underwriter is any party that evaluates and assumes another party's risk for a fee, which often
23
24. Formation of a Company
5) Capital Subscription Stage
2. Permission from Controller of issue
The company will now proceed to obtain the permission of the Controller of Capital Issue, New
Delhi, under the Capital Issue Control Act, 1947 if a public offer exceeds Rs. one crore.
However, it does not apply to a private company, a banking company, an insurance company,
and a government company provided it does not make an issue of securities to the general
Public.
24
25. Formation of a Company
5) Capital Subscription Stage
3. File a copy with the registrar
After the above formalities have been completed, the directors of the company file a copy of the
‘prospectus’ with the Registrar and invite public to subscribe to the shares of the company by
putting the ‘prospectus’ in circulation.
25
26. Formation of a Company
5) Capital Subscription Stage
4. Resolution of Allotment
Application for shares are received from the public through the company’s bankers and if the
subscribed capital is at least equal to the minimum subscription amount as disclosed in the
prospectus, and other conditions of a valid allotment are fulfilled, the directors of the company pass
a formal resolution of allotment.
Minimum subscription refers to the minimum amount which a company should raise at the time of
issuing capital.
26
27. Formation of a Company
5) Capital Subscription Stage
4. Resolution of Allotment
Application for shares are received from the public through the company’s bankers and if the
subscribed capital is at least equal to the minimum subscription amount as disclosed in the
prospectus, and other conditions of a valid allotment are fulfilled, the directors of the company pass
a formal resolution of allotment.
5. Issue of share certificate to allottee
Allotment letters are then posted, return of allotment is filed with the Registrar and share
certificates are issued to the allottees in exchange of the allotment letters.
27
28. Formation of a Company
5) Capital Subscription Stage
6. In case of less than minimum subscription
If the subscribed capital is less than the minimum subscription or the company could not obtain the
minimum subscription within 120 days of the issue of prospectus, all money will be refunded and
no allotment can be made.
7. Statement in lieu of Prospectus
It may be noted that a public company having a share capital, but not issuing a ‘prospectus’ has to
file with the Registrar ‘a Statement in lieu of Prospectus’ at least three days before the directors
proceed to pass the first allotment resolution.
28
29. Formation of a Company
6)Commencement of Business
After getting the certificate of incorporation, a private company can start its business. A public
company can start its business only after getting a’ certificate of commencement of business’.
○ (i) A public company issues a prospectus of inviting the public to subscribe to its share
capital,
○ (ii) A minimum subscription is fixed, and
○ (iii) The company is required to sell a minimum number of shares mentioned in the
prospectus.
29
30. Formation of a Company
6)Commencement of Business
○ After making the sale of the required number of shares a certificate is sent to the Registrar
stating this fact, along-with a letter from the banks, that it has received application money for
such shares.
○ The Registrar scrutinizes the documents. If he is satisfied, then issues a certificate known as
Certificate of Commencement of Business. This is the conclusive evidence of the
commencement of the business.
30
31. Formation of a Company
Certificate of Commencement of Business
31