1. Property of the Company belongs to ------------.
a. Company
b. Shareholders
c. Members
d. Promoters
2. Mr. X, shareholder of A Ltd. used the property of the Company for his personal use, he did not enter into any contract with the Company for such sale, whether the shareholder of the Company can use the property of the Company for their own personal purpose?
a. Yes
b. No
c. Partly Yes
d. Partly No
3. The term Company is defined under which section of the Companies Act, 2013?
a. Section 2 (20)
b. Section 2 (10)
c. Section 2 (4)
d. Section 2 (3)
4. Minimum number of partners required under Partnership Firm?
a. 2
b. 7
c. 3
d. None of the above
5. Partnership firm is separate legal entity from its partners. True or False.
a. True
b. False
c. Partly True
d. Partly False
6. How to dissolve Partnership Firm under Partnership Act, 1932?
a. By agreement of partners
b. By mutual consent of partners and by court order
c. By insolvency and by certain contingencies
d. All of the above
7. Registration of Partnership Firm is optional. True or False.
a. True
b. False
c. Partly True
d. Partly False
8. Mr. M, assessee earned huge income from dividend, he formed 2 private companies and contributed his income as capital against shares of the Company, and he took back all the contributed by him in company as capital by way of pretended loan. Whether assessee is exempted from tax? Or he will be liable for the tax?
a. Liable for the tax
b. Exempted from tax
c. Partly exempted
d. None of the above
9. Company registered under Companies Act, 2013 is separate legal entity from its members?
a. Yes
b. No
c. Partly Yes
d. Partly No
10. How to dissolve Company under Companies Act, 2013?
a. Voluntary
b. Order of National Company Law Tribunal
c. Either a or b
d. None of the above
11. Minimum number of members in case of Public Company?
a. 1
b. 2
c. 5
d. 7
12. Minimum number of members in case of Private Company?
a. 1
b. 7
c. 2
d. 4
13. Maximum number of members in case of Public Company?
a. 0
b. Unlimited
c. 50
d. 100
14 Maximum number of members in case of Private Company?
a. Unlimited
b. 50
c. 200
d. 7
15. Which company shares can be freely transferable?
a. Private Company
b. Public Company
c. Both a and b
d. None of the above
16. Minimum number of directors in case of a Public Company is-------.
a. 1
b. 2
c. 3
d. 4
17. Minimum number of directors in case of a Private company is-------.
a. 1
b. 2
c. 3
d. 4
18. Maximum paid up share capital in case of Private Company------------.
a. Rs. 50 Lakhs
b. Rs. 1 Crore
c. Unlimited
d. None of the above
19. Maximum paid up share capital in case of Public Company------------.
a. Rs. 50 Lakhs
b. Unlimited
c. Rs. 1 Crore
d. None of the above
20. Maximum paid up share capital in case of One Person Company------------.
a. Rs. 50 Lakhs
b. Rs. 1 Crore
c. Unlimited
d. None of the above
1. a (Hint: As per Section 9 of Companies Act, 2013, (Property of the Company is not the property of the shareholders, it is property of the Company because Company is separate legal entity from shareholders)
2. b ( Hint: As per Section 9 of Companies Act, 2013, Property of the Company is not the property of the shareholders, it is property of the Company because Company is separate legal entity from shareholders)
3. a
4. a
5. b ( Hint: Partnership firm is not a separate legal entity from its partners)
6. d
7. a ( Hint: As per Partnership Act, registration of Partnership Firm is optional)
8. a (Lifting of corporate veil- Company is formed just for the purpose of avoid tax)
9. a( Hint: As per Section 9 of Companies Act, 2013, Company have its own identity, its own legal entity like other human)
10. c
11. d ( Hint: Public Company is incorporated by minimum 7 members)
12. c ( Hint: Private Company is incorporated by minimum 2 members)
13. b ( Hint: there is no max limit on members of the company)
14. c ( Hint: there is max limit on members of the company)
15. b ( Hint: members of the Company have right to transfer their share)
16. c ( Hint: As per section 149 (1) of the companies Act, 2013)
17. b ( Hint: As per section 149 (1) of the companies Act, 2013)
18. c ( Hint: there is no max limit on capital of the company)
19. b ( Hint: there is no max limit on capital of the company)
20. a ( Hint: there is max limit on capital of the company)