Commerce Exam > Commerce Notes > Business Studies (BST) Class 11 > PPT - Formation of a Company
PPT - Formation of a Company | Business Studies (BST) Class 11 - Commerce PDF Download
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FAQs on PPT - Formation of a Company - Business Studies (BST) Class 11 - Commerce
| 1. What is the process of company formation? |  |
Ans. The process of company formation involves several steps. Firstly, you need to decide on the type of company structure, such as a sole proprietorship, partnership, or corporation. Then, you need to choose a unique name for your company and check its availability. Next, you need to prepare the necessary legal documents, including the articles of incorporation or partnership agreement. After that, you must register your company with the relevant government agency and obtain the required licenses and permits. Finally, you need to fulfill any additional requirements, such as opening a bank account and filing for tax identification numbers.
| 2. What are the advantages of forming a company? | |
Ans. Forming a company offers several advantages. Firstly, it provides limited liability protection, separating the personal assets of the owners from the company's debts and obligations. Secondly, it allows for easier access to funding and investment opportunities, as companies can issue shares or seek loans from financial institutions. Additionally, a company structure offers flexibility in terms of ownership and management, enabling the business to grow and adapt to changing circumstances. Lastly, forming a company can enhance the credibility and reputation of the business, making it more attractive to customers, suppliers, and potential partners.
| 3. What are the different types of company structures? | |
Ans. There are several types of company structures to choose from, depending on the specific needs and goals of the business. Some common types include:
- Sole Proprietorship: A business owned and operated by a single individual.
- Partnership: A business owned and operated by two or more individuals who share profits and losses.
- Limited Liability Company (LLC): A flexible business structure that combines elements of a corporation and partnership, providing limited liability protection.
- Corporation: A legal entity separate from its owners, offering limited liability protection and the ability to issue shares of stock.
- Cooperative: A business owned and operated by a group of individuals or organizations with a common interest, who share the profits and benefits.
| 4. What are the legal requirements for company formation? | |
Ans. The legal requirements for company formation may vary depending on the jurisdiction, but some common requirements include:
- Choosing a unique name for the company that complies with the regulations and does not infringe on any trademarks.
- Preparing and filing the necessary legal documents, such as articles of incorporation or partnership agreement, with the appropriate government agency.
- Paying the required fees for company registration and obtaining any necessary licenses and permits.
- Complying with any specific regulations or requirements related to the industry or type of business.
- Meeting ongoing compliance obligations, such as filing annual reports and maintaining proper records.
| 5. What are the key considerations when choosing a company name? | |
Ans. When choosing a company name, it is important to consider the following:
- The name should be unique and not already in use by another company in the same industry or region.
- It should be easy to remember, pronounce, and spell.
- Consider the potential implications of the name in different languages or cultures, especially if you plan to expand internationally.
- Check for trademark availability and ensure that the name does not infringe on any existing trademarks.
- Consider the image and brand identity you want to convey to customers and stakeholders.
- Research the availability of domain names and social media handles associated with the chosen company name.
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