Business Organization and Companies

Flashcards covering various forms of business organizations, their legal acts, membership requirements, and definitions based on the lecture transcript.

Liability of shareholders (Public Limited Joint Stock Company)

Limited

Minimum number of members for a co-operative society

$$10$$

Directors

Elected representatives of shareholders who manage the affairs of a company.

State Bank of India

An example of a Statutory Company.

Sole Trading concern

A business structure characterized by Single Ownership.

Joint Hindu Family Business manager

Karta

Partnership Act

The legal act established in the year $1932$.

Joint Stock Company

Considered an Artificial person in the eyes of the law.

Co-operative Society voting rights

Equal voting rights for all members.

Private company membership limit

A maximum of $200$ members.

Public company membership requirement

A minimum of $7$ members.

Government company

A company in which $51\%$ of the share capital is held by the Government.

Statutory Company examples

Bank of England and Life Insurance Corporation.

Limited Liability Partnership (LLP) minimum

Requires a minimum of $2$ partners.