Commerce Exam > Commerce Videos > 01 - Introduction to Joint Stock Company - Class 12 - Accountancy
01 - Introduction to Joint Stock Company - Class 12 - Accountancy Video Lecture - Commerce
FAQs on 01 - Introduction to Joint Stock Company - Class 12 - Accountancy Video Lecture - Commerce
| 1. What is a joint stock company? |  |
Ans. A joint stock company is a type of business organization where the capital is divided into shares and the liability of the shareholders is limited to the extent of their shareholding. It is owned by multiple shareholders who own shares in the company's capital and have the right to vote on corporate matters.
| 2. How is a joint stock company formed? | |
Ans. A joint stock company is formed by following a legal process. The formation involves the following steps: drafting and filing the Memorandum of Association and Articles of Association, obtaining the certificate of incorporation from the Registrar of Companies, and issuing shares to the shareholders. Once these steps are completed, the joint stock company is legally formed.
| 3. What are the advantages of a joint stock company? | |
Ans. Some advantages of a joint stock company include limited liability for shareholders, the ability to raise large amounts of capital through the sale of shares, continuity of existence even if shareholders change, professional management, and easy transferability of shares. These advantages make joint stock companies attractive for businesses that require substantial investments and long-term sustainability.
| 4. What are the disadvantages of a joint stock company? | |
Ans. Some disadvantages of a joint stock company are the complex legal procedures involved in its formation and operation, the possibility of conflicts of interest among shareholders, the potential for loss of control by individual shareholders, and the requirement to disclose financial information to the public. Additionally, decision-making processes can be slow due to the involvement of multiple shareholders.
| 5. How are joint stock companies regulated? | |
Ans. Joint stock companies are regulated by laws and regulations set by the government and the Registrar of Companies. These regulations govern the formation, operation, and dissolution of joint stock companies. They ensure compliance with accounting and auditing standards, disclosure of financial information to shareholders and the public, and protection of shareholders' rights. Non-compliance with these regulations can result in penalties and legal consequences.
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