Company Accounts Flashcards
(61 cards)
1
Q
Section 2 (62)
A
One person company
2
Q
Section 2 (6)
A
Associate company
3
Q
Unlimited company
A
Section 2 (92)
4
Q
Section 2 (65)
A
Private company
5
Q
Section 2 (87)
A
Subsidiary company
6
Q
An opc is a private company , with min paid up capital as may be priscribed , with a single member
A
Section 3 (1) c
7
Q
Section (52)
A
listed company
8
Q
Public company
A
Section (71)
9
Q
Section 3 (1) a
A
a public company can be formed for any legal purpose , with seven or more members
10
Q
Section 2 (21)
A
Company limited by guarantee
11
Q
Company limited by shares
A
Sec 2(22)
12
Q
Section 2 (20)
A
company defination
13
Q
Section 2 (45)
A
Government company
14
Q
Foreign company
A
Section 2 (42)
15
Q
Charity company
A
Section 8
16
Q
section 447
A
officers punishable for default , fraud
17
Q
Section 455
A
Dormant company
18
Q
Nidhi company
A
Section 406(1)
19
Q
Public Financial institutions
A
Section 2(72)
20
Q
Section 465
A
institutions notified by govt as pfi
21
Q
Promotor
A
Sec 2 (69)
22
Q
Sec 3
A
Basic requirements for constitution of a company
23
Q
Section 7
A
Procedure for incorporation
24
Q
Section 7 (2)
A
Certificate of Incorporation
25
Sec 7 (7)
Consequences of furnishing false information
26
Liable for actions of Fraud
Sec 447
27
Sec 9
Effect of regiatration
28
Effects of registration of memorandum of association
Sec 10
29
Section 2 (8)
Authorized Capital
30
Section 2 (50)
Issued Capital
31
Subscribed Capital
Sec 2 (86)
32
Called UP capital
Section 2 (15)
33
Shares are movable property
Shares shall be numbered
Section 44 & 45
34
Kinds Of share capital
Sec 43
35
Section 5
Contents of AOA
36
Section 399
Doctrine of indoor management
37
Features of company
Separate legal entity
Perpetual succession
Limited Liability
Artificial person
Common seal
38
Features of separate legal entity
Distinct feature
Legal Personality
Distinct existence
Rights and Powers
Members Interactions
Liability of Company
Property of Company
39
Companies Based on Liability
Limited by Shares
Limited by Guarantee
Unlimited
40
Common seal & perpetual succession
Human Agency
Affixing the seal
Legal requirement
Transfer of shares , Death , Insolvency Don't effect the existence of Company
41
Artificial Legal person Features
Artificial Person
Created By Law
Rights of an Individual
Separate Legal Entity
.own property
.incur liability
.raise loans
.enter into contract
.have a bank account
Contact with members
Legal Actions
Legal Person
.Cant marry
.learn profession
.take an oath
.go to jail
Human agency
role of director
42
When does a corporate veil get lifted
To Inspect the nature of a company
Company Formed to protect revenue / avoid tax
Company Formed to avoid legal Obligation
Company Formed to Function as an agent
Company Formed for fraud / improper Conduct / To defeat law
>defeat a circumvent law
>to defraud creditors
>Avoid legal obligation
43
Companies based on NO. of members
Private Co.(opc , small Co.)
Public Co.
44
Private Co. Main Points
Min Paid UP cap
NO. of Mem
Right to Transfer Shares
Inviting Public to Sub
Other Co.
45
Public Co. Main Points
Def
Min Paid UP cap
NO. of Mem
Right to Transfer Shares
46
Opc Main Points
Min Paid UP cap
NO. of Mem
Nominee
Change in nominee
Eligibility to mem or nominee
Conversion Of Opc
Prohibition on Opc
47
Small Co. Limits
>Paid Up Cap
Max 50L
As may be prescribed 10 cr
Present 4cr
>turn over
Max 2cr
As may be prescribed 40 cr
48
Companies based on control
Holding & subsidiary
Associate
49
Companies based on access to share cap
Listed
Unlisted
50
Other Types of companies
govt Co.
foreign Co.
sec 8 Co.
Dormant Co.
Nidhi Co.
Public financial institutions
51
Basic requirements for Constitution of Co.
Formed for LAWFUL purpose
Min No. of Mem
Comply requirements as per act
52
Procedure for incorporation
Filling of the doc and info
: MOA AOA
:Declaration
:Communication address
:Particulars Of Subscribers
:Particulars of first directors
:Certificate of Incorporation
53
Types Of Share Capital
authorised
issued
subscribed
called up
paid up
54
Rights of Preference shareholdres
Payment of dividend
Repayment of debt
Dividened Of Cap
Surplus Cap
55
Contents of MOA
Name Clause
Object Clause
Registered Office Clause
Liability Clause
Capital Clause
Association Clause
Nominee Clause
56
Contents of AOA
Regulations
Inclusion of matter
Provision for Entrenchment
Manner of Inclusion OF entrenchment
Notice to registrar
Forms Of Atricles
Model Articles
57
Doctrine Of Ultra Virus
Meaning
Validity
>any act done...
>On this acc...
>Impact of this ...
Deemed Knowledge Of MOA
Money advanced under ultra virus contract
Ratification Of Ultravirus Acts
58
Doctrine Of Constructive Notice
Right to inspect the documents of the company
>on payment of.....
>When MOA and AOA....
Duty to inspect The Doc of the Co.
>The Person Dealing with...
>weather Such Preson...
>such presumed / implied...
>Thus if a person...
59
Doctrine of Indoor Management
Exception
Dosnt mean
Outsiders can assume procedure to perform being followed
As Per DOctrine
Protects outsiders
60
Exceptions For Indoor Management
Actual or Constructive Knowledge of Irregularity
Suspicion Of Irregularity
Forery
61
DIFF BTW MOA AOA
Objectives
Relationships
Alteration
ultravirus
