Elements of company law-I – Test 1

The Companies Act, 2013 extends to-

A company may be –

Which of the following case clearly established the principle that company is a legal person distinct from its members?

Which of the following is characteristic of a company?
(1) Limited profit
(2) Corporate personality
(3) Limited Succession
Select the correct answer from the options given below.

Characteristic of a company …….
(I) Transferability of profits
(II) Property of company is joint property of shareholders
(III) Compulsory Common seal
Select the correct the answer from the option given below.

Characteristic of a company …….

The liability of the members of a company is limited to the extent of the …. of shares held by them.

Company has …. succession.

In the case of a company limited by guarantee, the members are liable only to the extent of the …… by them and not beyond , and only when the company goes into liquidation.

Perpetual succession means-

Statement A:
A company dies with death of its share holders.
Statement B:
In the case of a private company , every member owing fully paid-up shares can freely transfer shares held by him.
Select the correct answer from the option given below-

Shares of company are said to be –

Shares of public companies are –

On incorporation , a company acquires legal entity with perpetual succession and a ….

Common seal of the company acts as the official signature of a ….

Which of the following is a distinct legal person?

A private company cannot have more than ….

In a public company there must not be less than ….

……. have homogeneous member.

In a private company there must not be less than-

A per ……. of the Companies Act,2013 ”company”means a company incorporated under Companies Act,2013 or under previous company law

A company is legally required to have its accounts audited annually by a –

A company consists of …. members, where as a Hindu Undivided Family business consists of …… members since it consists of members of the joint family itself.

Registration of a company is ……

”Body Corporate ” or ”Corporation” includes a company incorporated outside India does not include ….