Forms of Business Organisation-2 — OCM STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceOCMForms of Business Organisation-23 Marks
Question
Give information about One Person Company.
✓
Answer
In Companies Act $1956$ there was no provision of one person company. The Act was amended in $2013$ and implemented on $1-4-2014.$
According to new amended company act, One Person Company can be formed. One Person Company is a private company in which there is only one member.
Company can do contract with the member who manages the company. Written consent of a person is required. At the time of incorporation of a company, along with memorandum is to be presented before the registrar of company.
If the person dies or becomes insane or insolvent, or incompetent to do contract then the name of the successor who is to manage the company is to be mentioned.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.