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Explain the steps involved in the incorporation of a company?
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Explain the steps involved in the incorporation of a company?
Stages are :1- Filling of necessary documents.
2 Payment of fees.
3 Registration.
4 Certificate of incorporation.
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Explain the steps involved in the incorporation of a company?
Steps involved in the incorporation of a company:

1. Choose a business name:
- Select a unique and memorable name for your company.
- Ensure the name complies with the legal requirements and is not already in use by another company.
- Check the availability of the desired domain name for your company's website.

2. Determine the company structure:
- Decide on the legal structure of your company, such as a limited liability company (LLC), corporation, partnership, or sole proprietorship.
- Consider the advantages and disadvantages of each structure and choose the one that best suits your business goals and needs.

3. Appoint directors and shareholders:
- Identify and appoint the directors who will be responsible for managing the company's affairs.
- Determine the shareholders who will hold ownership stakes in the company.

4. Prepare the necessary documents:
- Draft the company's articles of incorporation, which outline the purpose, structure, and regulations of the company.
- Prepare the bylaws, which detail the internal rules and procedures for the company's operations.
- Complete any other required documents, such as share certificates and director/shareholder consent forms.

5. File the incorporation documents:
- Submit the necessary documents to the appropriate government agency, typically the Secretary of State or Companies House, along with the required filing fees.
- Include all the required information, such as the company's name, registered office address, directors, shareholders, and share capital.

6. Obtain necessary licenses and permits:
- Determine if your business requires any specific licenses or permits to operate legally.
- Research and apply for the required licenses and permits from the relevant government authorities.

7. Register for taxes:
- Obtain a tax identification number or employer identification number from the tax authorities.
- Register for applicable taxes, such as income tax, sales tax, or value-added tax (VAT), depending on your business activities and location.

8. Comply with ongoing obligations:
- Fulfill any ongoing legal obligations, such as annual filings, financial statements, and tax returns.
- Maintain proper records of the company's activities, including minutes of meetings and financial transactions.

9. Open a bank account:
- Set up a business bank account to separate personal and business finances.
- Provide the necessary documents, such as the company's incorporation certificate and identification of the directors and shareholders.

10. Start business operations:
- Once all the legal formalities are completed, you can begin operating your business and focus on its growth and success.
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Direction: Read the following text and answer the questions given below :Mrs. Ambika Lamba founded ‘Professional University’ for undergraduate and postgraduate courses in diverse disciplines. The University is among the top universities of India and has a tie-up with many other organizations which visit the campus annually in order to hire its future employees during its placement season and offer handsome salary packages. On the basis of the reputation and performance of its students performance in the practical world, the Information Technology department of the Lalit Power Ltd., had few vacancies related to Cyber Security. The Human Resource Department of the company decided to recruit fresh engineering graduates from ‘Professional University’ for the same after they received certain recommendations from other industry players about the institution.For this purpose, they conducted ‘employment interviews’ of many engineering graduates who applied and were keen to join their company. There were five vacant positions which were duly filled after the company undertook approximately 60 employment interviews. Thus, they gave a ‘job offer’ to the final five students who cleared all the steps they undertook in order to fill the vacancies. They also decided to hire a Chartered Accountant for their Finance and Accounts department. For this the company plans to undertake a series of steps in order to ensure that a person with sound knowledge and experience is selected.They finally hired Satnam who worked only for four months and left the company citing his inability to continue further on account of not having adequate experience to handle huge projects. This proved costly for the Finance and Accounts department of Lalit Power Ltd. and they realized that they went wrong in the initial step to select the candidate. Thus, they had to conduct the whole process again in order to select a new Chartered Accountant.Q. What was the company’s first or initial step towards hiring a Chartered Accountant where they went wrong ?

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Explain the steps involved in the incorporation of a company?
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