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unit-4-business-promotion

Unit-4 Business Promotion

In this unit, you will learn who an entrepreneur is, what are the characteristics and functions of an entrepreneur.

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List the documents which must be filed for the registration of a company. Explain briefly the importance of Memorandum and Articles of Association. 

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Written on Apr 24, 2019 12:24:30 PM

i.A copy of the Memorandum of Association

ii.A copy of the Articles of Association

iii.A-list of persons who have agreed to become director of the company with their names, addresses, age and occupations. In case a separate list of directors is not filed, signatories to the Memorandum of Association will be deemed to be the directors

iv.Written consent of the directors to act in that capacity, duly signed by each director, along with a written undertaking to take the prescribed qualification shares, if any. , A company without share capital and a private company need not file this document.

v.A statutory declaration stating that all the legal requirements with respect to incorporation have been duly complied with, This declaration should be signed by an Advocate of a High Court or of the Supreme Court, or by a practicing chartered accountant or by a person named as director, manager, or secretary of the company.

vi.Notice of the registered office of the company. However, this notice may be filed within 30 days of incorporation. 

Memorandum of Association: It is the most important document of a company as it lays down the constitution of the company and states the relationship of the company with the outside world. It is a public document and each person who deals with the company is supposed to know the provisions contained in the memorandum. The purpose of memorandum is to enable the shareholder, creditors and those who deal with the company to know what is its permitted range of activities. Although the company is a legal 'person' its capacity to do business, unlike that of a real person, is restricted. If a company is engaged in any trade or business which is outside the provisions of the Memorandum of Association, such acts are regarded ultra vires of the company and therefore, void and inoperative.

The Articles of Association: It contains the rules and regulations relating to the management of its internal affairs. They define the rights, powers and duties of the management, the mode and form in which the business of the company is to be carried on and the manner in which changes in the internal regulations of tile company may be made from time to time. Articles lay down the relations between the company and its members and between the members. A public company limited by shares may register its own Articles of Association or adopt Table A containing the model set of 99 articles given in Schedule I of the Companies Act. Other types of companies must prepare and file their own Articles of Association along with the memorandum at the time of incorporation. The Articles of Association iuu3 riot contain anything contrary to the Companies Act, the public policy, the Memorandum of Association and the general law of the land.