मराठी

State whether the following statement is True or False. A company is an artificial person.

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प्रश्न

State whether the following statement is True or False.

A company is an artificial person.

State whether the following statement is true.

A company is an artificial person.

चूक किंवा बरोबर
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उत्तर

This statement is true.

Explanation:

Under accounting rules, a company is considered an artificial person because it has a separate legal identity from its owners, known as the Business Entity Principle. This means all financial transactions are recorded from the company’s perspective, not the owner’s personal view. Because the company acts as an independent person, it can own assets, take loans, and enter into contracts under its own name. Consequently, the money invested by the owner is treated as a liability (Capital) that the company owes back to them.
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Formation of a Company
  या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?
पाठ 3: Formation of a company - Exercise Q.1 [पृष्ठ ४५]

APPEARS IN

बालभारती Secretarial Practice [English] Standard 11 Maharashtra State Board
पाठ 3 Formation of a company
Exercise Q.1 | Q 4.01 | पृष्ठ ४५
एनसीईआरटी Accountancy Company Accounts and Analysis of Financial Statements [English] Class 12
पाठ 1 Accounting for Share Capital
Intext questions | Q (a) | पृष्ठ ७

संबंधित प्रश्‍न

Multiple Choice Question:

A proposed name of the Company is considered undesirable if


True/False Answer Question:

'Articles of association' is the main document of a company.


True/False Answer Question:

If a company suffers heavy issues and its assets are not enough to pay off its liabilities, the balance can be recovered from the private assets of its members.


Name the stages in the formation of a company.


Select the correct answer from the options given below and rewrite the statement:
A company is __________.


Select the correct answer from the options given below and rewrite the statement:
___________ are the persons who undertake the process of formation of a company.


Select the correct answer from the options given below and rewrite the statement:
A director must have a ________ to be appointed as a director of a company 


Write a word or a term or a phrase which can substitute the following statement.

Term which refers to contracts entered into by Promoters with third parties on behalf of the proposed company;


State whether the following statement is True or False.

Promoters are persons who take the necessary steps to set up a company.


State whether the following statement is True or False.

In India, companies have to be incorporated as per the provisions of Companies Act, 2013.


State whether the following statement is True or False.

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State whether the following statement is True or False.

All companies need Certificate of Incorporation.


State whether the following statement is True or False.

All companies need Certificate of Commencement of business.


Find the odd one.


On behalf of a proposed company, preliminary contracts with third parties are entered by ______.


Select the correct option form the given option:

Group A

Group B

___________

Certificate of incorporation


Study the following case/situation and express your opinion.

Mr. Ram, Mr. Sam, and Mr. Tom who are partners have come together to convert their business into a company. They have finalized all the details about the business they want to do, capital needed, etc. However, they do not know how to proceed with the legal formalities. Hence they appoint Mr. Shah who is a Practicing Company Secretary to help them prepare documents needed for incorporating the proposed company.

  1. Can Mr. Ram, Mr. Sam, and Mr. Tom convert their partnership firm into a company?
  2. Name 2 most important documents needed to incorporate a company.
  3. Will Mr. Shah be considered as a Promoter of the Company? Why?

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