1.

Define Company

Company is an association of persons registered under the Companies Act 1956. It is a separate legal entity different from its members and shareholders.
2. Types of Companies

Different types of companies are: a. Private Limited Company b. Public Limited Company c. Unlimited Liability Company d. Non profit Organisations (Generally known as Sec.25 Companies)
3. Define Private Limited Company

Private Limited Company is formed with minimum of 2 members and 2 Directors. Maximum number of members in a private company is restricted to 50. The name of the company shall end with the words 'Private Limited'.It cannot issue shares to the public.
4. Define Public Limited Company

Public Limited Company is formed with minimum of 7 members and 3 Directors. There is no restriction on maximum number of members. The name of the company shall end with the word 'Limited'.It can issue shares to the public.
5. Define Non profit Organizations (Also known as Sec.25 Companies)

Sec.25 Company is formed for the purpose of promoting commerce, art, science, religion, charity or any other useful objects and not with the object of making profit. Registration of such companies require prior permission from the Central Government and the words 'Private Limited' or 'Limited' can be dispensed from the name.
6. Define Foreign Companies

Foreign Company is a company registered outside India, under a foreign law other than Indian law.
7.Define Branch Office / Liaison office of a Foreign Company

A Foreign Company can open a Branch / Liaison office in India subject to the approval of Reserve Bank of India (RBI). Upon receipt of approval from RBI, the Branch / Liaison office has to be registered with the office of Registrar of Companies New Delhi by filing necessary documents.
8. What is meant by Limited Liability

Limited liability means liability of a shareholder in a company is limited to the extent of unpaid value of his/her shareholding in the company. The shareholders of the company are not personally liable for the liabilities of the company .
9. Rules regarding name of the company

The name of the company shall be unique for registration. The name of a Private / Public Company shall end with the words "Private Limited" or "Limited" respectively. The name of the company shall comply with the Guidelines for Name Availability as prescribed by the Ministry of Corporate Affairs.
10. Objects Clause

A company is incorporated to carry out particular activity(ies). These activities are otherwise called as objects of the company. The Main objects of the company for which the company is registered should be mentioned in the Memorandum of Association of the Company.
11. Capital Clause

Capital of a company is the contribution by shareholders towards the corpus of the company. The Capital of the company is divided in to smaller units of shares.
12.What is Authorised Capital / Registered Capital

Authorised Capital (Registered Capital) of a company is the upper ceiling limit of capital which a company can issue shares and collect money from the shareholders. Authorised Capital of a company can be enhanced by a Resolution at a meeting of Shareholders.
13. What is meant by Issued Capital

Issued Capital is that portion of Authorised Capital that the company has issued shares to the members of the company.
14. What is meant by Called up Capital

Called up capital is that portion of Issued Capital that the shareholders are requested to pay to the company.

15. Paid Up capital of the company

Paid up capital is the portion of Called up capital that is paid by the shareholders to the company.
16.Rules regarding Minimum Capital of the company

Private Companies should have Minimum Capital of Rs.1 Lakh and Public Company should have Minimum Capital of Rs.5 Lakhs for registration.
17.What is Digital Signature

Digital Signature is a legally recognized method of signing documents electronically. A digital signature is a type of asymmetric cryptography used to simulate the security properties of a handwritten signature on paper. Digital signature schemes normally give two algorithms, one for signing which involves the user's secret or private key, and one for verifying signatures which involves the user's public key. The output of the signature process is called the "Digital Signature".
18. What is Directors Identification Number (DIN)

Directors Identification Number or DIN is an identification number issued by the Ministry of Corporate Affairs to a director or a prospective director of a company. For obtaining a DIN, an online application has to be made to the Ministry of Corporate Affairs and the documents supporting Identity / Address Proof has to be submitted to their office. On verification of the documents, MCA will allot the DIN.
19. Procedure for Registration of Digital Signature / Role Check

The Digital Signature of a person has to be registered against the DIN with the MCA. Registration of DIN with MCA is a prerequisite for accepting the forms signed with the Digital Signature. Role Check is being done to map the DSC with the respective DIN.
20. Who is a Director

The Director of company is responsible for the management of the affairs of the company and is responsible for all the legal compliance under various laws. Directors are normally appointed by shareholders. Indian company law prescribes only an individual can be appointed as a director of a company.
21. DIN Forms

DIN1- Application to obtain DIN DIN2- Intimation by the Director to the Company DIN3- Intimation by the Company to the ROC DIN4- Information to MCA about changes in address / details of the Director.
22. Who are the Shareholder / Member of a company

Shareholders / Members are the persons who hold shares in a company.

23. Who is a Nominee Shareholder

A shareholder who holds the shares on behalf of another shareholder by making required disclosures.
24.What is Memorandum of Association (MOA)

MOA is the charter document, required for the incorporation of a company. It contains name of the company, state in which the registered office of the company is situated, objects of the company, capital and subscribers / promoters / first shareholders of the company.
25. What is Articles of Association (AOA)

AOA contains the bylaws for the internal management of a company. This document defines the relationship of members and directors. It also restricts powers of directors, transfer of shares etc.
26. Who are the Subscriber to Memorandum of Association

Subscribers to MOA are the promoters / first shareholders of a company. They are the persons forming the company. By subscription, they are agreeing to take such number of shares in the company and legally binding themselves to the company to pay the amount of shares subscribed by them.
27. Execution of MOA/AOA

Execution of MOA/AOA means signing of the MOA / AOA by the subscribers. Subscribers has to write their name, fathers name, residential address, occupation and the number of shares they agree to take by own handwriting and sign the document.
28. Situation Clause

Registered Office is the registered address of the company or the principal place of business. The address of the Registered Office will be used for all official communications of the company. Registered Office of the company can be shifted from one place to another in the same State or from one State to another State after complying the legal requirements.
29.What is PAN

PAN means Permanent Account Number allotted by the Department of Income Tax. This is the number every tax assesses need to be obtained from Income Tax department. PAN is used for filing Income Tax return.
30. MCA21

MCA means Ministry of Corporate Affairs. MCA 21 is the electronic filing system of documents with MCA through the web site www.mca.gov.in
31. Service Request Number (SRN)

Service Request Number (SRN) is the unique number generated by MCA 21 while filing an electronic document with the MCA web site.
32.What is Corporate Identification Number (CIN)

Corporate Identification Number (CIN) the number allotted to a Company registered in India by the Ministry of Corporate Affairs.
33.What are Electronic Forms (E-Forms).

Electronic Forms (E-Forms) are the forms prescribed by the Ministry of Corporate Affairs for filing applications / returns by a company based on events by a company.
34. Form 1A

Form 1A is the Application Form to be filed with Ministry of Corporate Affairs to check the availability a proposed name for registration of new company or for changing the name of an existing company.
35. Form 1

Form 1 is the Statutory Declaration to be filed at the time of incorporation of a company confirming the compliance of legal requirements under the Companies Act for registration of a new company.
36. Form 32

Form 32 is the return to be filed with MCA regarding the appointment / cessation of Directors / Secretary / Manager of the company.
37. Form 18

Form 18 is the notice of situation of registered office to be filed with MCA. The address stated in this form will be Registered Office of the company.
38. Certification of Forms

Companies Act requires certification of certain forms to be filed with MCA. The certification, wherever required is to be done by Company Secretaries / Chartered Accountants.
39. What is Certificate of Incorporation

Certificate of Incorporation (COI) is the certificate issued by Registrar of Companies confirming the registration of the company.
40.What is Certificate for Commencement of Business

Certificate for Commencement of Business (CCOB) is the certificate to be obtained by a Public Company before commencing commercial operation.
41.What is Statement of Lieu of Prospectus (SLP)

Statement of Lieu of Prostrates (SLP) is the document to be filed by a Public Company for obtaining the Certificate for Commencement of Business (CCOB)
42. Meeting of Companies

Statutory Meeting is the meeting to be convened by a Public Company with in such time as stipulated by Law to transact the business as required under the Companies Act.
43. Statutory Meeting)

Statutory Meeting is the meeting to be convened by a Public Company with in such time as stipulated by Law to transact the business as required under the Companies Act.
44. Annual General Meeting (AGM)

Annual General Meeting (AGM) is the meeting of shareholders required to convened by a registered company in every calendar year.
45. Extra Ordinary General Meeting (EGM)

Extra Ordinary General Meeting (EGM) is the meeting of shareholders of a company other than Statutory Meting and AGM.
46. Minutes of Meeting

Minutes means the recorded proceedings of a meeting. The minutes of the meetings of shareholders and directors of the company are required to be maintained for proper recording of the decisions taken at the meeting.
47.Define Resolution

Resolution means the formal recording of a decision taken at a meeting.

48. Statutory Registers.

Registers that are required to be maintained as per Company Law such as Register of Members, Register of Directors etc. are generally called as Statutory Registers.
49.What is Special Resolution

Resolutions passed at a meeting of shareholders where votes casted in favour of the resolution are 3 times or more than the votes casted against the resolution.
50.What is Ordinary Resolution

Resolution passed at a meeting of shareholders where votes casted in favour of the resolution are more than votes casted against the resolution.

1. Explain the concept of limited liability partnership (LLP)

LLP is a form of business entity which combines the features of both companies and partnership firm .Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partners wrongful business decisions or misconduct. Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity.
2. Explain the structure of an LLP

LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession.
3. Advantages of LLP form

LLP form is a form of business model which: (i) is organized and operates on the basis of an agreement. (ii) provides flexibility without imposing detailed legal and procedural requirements (iii) enables professional/technical expertise and initiative to combine with financial risk taking capacity in an innovative and efficient manner
4.Difference between "LLP" & partnership firm

Under "partnership firm, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner. Under LLP structure, liability of the partner is limited to his agreed contribution. Further, no partner is liable on account of the independent or un-authorized acts of other partners, thus allowing individual partners to be shielded from joint liability created by another partners wrongful acts or misconduct.
5. What is the difference between LLP & a Company

A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956) whereas for an LLP it would be by a contractual agreement between partners. The management-ownership divide inherent in a company is not there in a limited liability partnership. LLP will have more flexibility as compared to a company. LLP will have lesser compliance requirements as compared to a company.
6. Whether an entity which has objectives like charitable or other not for profit objectives would be able to set up under LLP Act?

No. The essential requirement for setting LLP is carrying on a lawful business with a view to profit.
7. Whether provisions of Indian Partnership Act, 1932 would be applicable to LLPs?

No, these shall not be applicable to LLPs.

8. Why a new legislation for LLP? Why not amendments in Companies Act or Partnership Act are made?

The Companies Act is not suited to the liability and governance structure intended for LLPs. The overall intent of the legislation to regulate widely-held companies is different. Therefore, in accordance with the recommendations of the Irani Committee, it is felt appropriate to bring about a separate legislation for LLPs. The administration and enforcement of partnership firms under the Indian Partnership Act, 1932 is at the State level. Besides, a partnership firm involves full joint and several liability of the partners. Because of this, many firms/enterprises engaged in biotech, information technology, Intellectual property and other knowledge based sectors find traditional partnerships unsuitable. The traditional partnerships are also considered unsuitable for multi-disciplinary combinations comprising a large number of partners, seeking a flexible working environment but with limited liability. LLP structure would promote growth and enable such firms/enterprises expand their trade/business or services a
9. Whether a body corporate may be a partner of an LLP?

Yes.
10. What are the qualifications for becoming a partner?

Any individual or body corporate may be a partner in a LLP. However an individual shall not be capable of becoming a partner of a LLP, if (a ) he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force; (b ) he is an undischarged insolvent; or (c ) he has applied to be adjudicated as an insolvent and his application is pending.
11. What are the requirements in respect of Designated Partners?

Appointment of at least two Designated Partners shall be mandatory for all LLPs. Designated Partners shall also be accountable for regulatory and legal compliances, besides their liability as partners, per-se.
12. Should the number of designated partners resident in India not be more than partners from outside India?

LLPs, particularly those as may be engaged in the services or technology-based sectors, may provide services globally. This may require any number of its partners to locate them abroad. In view of liability structure of partners, designated partners and LLP, clearly provided for in the Act, there does not appear to be any necessity and justification for restriction relating to designated partners to out-number partners located abroad. In fact it may pose unnecessary restriction.
13. How the mutual rights and duties of partners inter-se and those of partners and LLPs would be governed?

The mutual rights and duties of partners inter se and those of the LLP and its partners shall be governed by the agreement between partners or between the LLP and the partners. This Agreement would be known as LLP Agreement.
14. What are the registration formalities relating to LLPs?

LLPs shall be registered with the Registrar of Companies (ROC) (appointed under the Companies Act, 1956) after following the provisions specified in the LLP Act. Every LLP shall have a registered office. An Incorporation Document subscribed by at least two partners shall have to be delivered to the Registrar in a prescribed form. Contents of LLP Agreement, as may be prescribed, shall also be required to be filed with ROC.
15. What are the broad provisions of the Act in respect of names of LLPs?

Every limited liability partnership shall have either the words limited liability partnership or the acronym LLP as the last words of its name. LLPs would not be given names, which, in the opinion of the Central Government, are undesirable. Registrar would be under obligation to follow such rules, which would be framed by the Central Government in connection with allotting names to LLPs. There are also provisions in respect of rectification of name in case two LLPs have been registered with the same name, inadvertently.
16. Can LLP give any other address (besides its registered office) for the purpose of receiving communication from Registrar?

It has been provided in the Act that a document may be served on a LLP or a partner or designated partner by sending it by post or by any other mode (to be prescribed under Rules) at the registered office and any other address specifically declared by the LLPfor the purpose in such form and manner as may be prescribed (in the rules). Thus, an LLP shall have option to declare one more address (other than the registered office) for getting statutory notices/letters etc. from Registrar.

1. What do the terms patent pending and patent applied for mean? A. They are used by a manufacturer or seller of an article to inform the public that an application for patent on that article is on

2. Is there any danger that the USPTO will give others information contained in my application while it A. Most patent applications filed on or after November 29, 2000, will be published 18 months after the filing date of the applica

3. May I write to the USPTO directly about my application after it is filed? A. The Office will answer an applicants inquiries as to the status of the application, and inform you whether your application ha

4. Is it necessary to go to the USPTO to transact business concerning patent matters? A. No. Most business with the Office is conducted by written correspondence. Interviews regarding pending applications can be

5. If two or more persons work together to make an invention, to whom will the patent be granted? A. If each had a share in the ideas forming the invention as defined in the claims even if only as to one claim, they are joint in

6. If a first person furnishes all of the ideas to make an invention and a second person employs the first A. No. The application must be signed by the true inventor, and filed in the USPTO, in the inventors name. This is the person w

7. Does the USPTO control the fees charged by patent attorneys and agents for their services? A. No. This is a matter between you and your patent attorney or agent in which the Office takes no part. To avoid misunderstan

8. Will the USPTO help me to select a patent attorney or agent to make my patent search or to prepare A. No. The Office cannot make this choice for you. However, your own friends or general attorney may help you in making a se

9. Will the USPTO advise me as to whether a certain patent promotion organization is reliable and trust A. No. The Office has no control over such organizations. The Office will publish complaints regarding invention promoters and It is advisable, however, to check on the reputation of invention promotion firms before making any commitments. It is suggest

10. Are there any organizations in my area which can tell me how and where I may be able to obtain as A. Yes. In your own or neighboring communities you may inquire of such organizations as chambers of commerce and banks. M

11. Are there any state government agencies that can help me in developing and marketing of my inven A. Yes. In nearly all states there are state planning and development agencies or departments of commerce and industry which

12. Can the USPTO assist me in the developing and marketing of my patent? A. No. The Office cannot act or advise concerning the business transactions or arrangements that are involved in the developm

tion for patent on that article is on file in the United States Patent and Trademark Office. The law imposes a fine on those who use these te

d in my application while it is pending? after the filing date of the application, or any earlier filing date relied upon under Title 35, United States Code. Otherwise, all patent applica

m you whether your application has been rejected, allowed, or is awaiting action. However, if you have a patent attorney or agent of record

nt matters? arding pending applications can be arranged with examiners if necessary and are often helpful.

the patent be granted? nly as to one claim, they are joint inventors and a patent will be issued to them jointly on the basis of a proper patent application. If, on the

ond person employs the first person or furnishes the money for building and testing the invention, should the pate ventors name. This is the person who furnishes the ideas (e.g. the first person in the above fact pattern), not the employer or the person w

s for their services? kes no part. To avoid misunderstanding you may wish to ask for estimate charges for: (a) the search (b) preparation of the patent applicati

patent search or to prepare and prosecute my patent application? orney may help you in making a selection from among those listed as registered practitioners on the Office roster. Also, some bar association

nization is reliable and trustworthy? egarding invention promoters and replies from the invention promoters. The Office will not undertake any investigation of the invention prom ng any commitments. It is suggested that you obtain this information from the Better Business Bureau of the city in which the organization

e I may be able to obtain assistance in developing and marketing my invention? ambers of commerce and banks. Many communities have locally financed industrial development organizations, that can help you locate ma

g and marketing of my invention? s of commerce and industry which seek new product and new process ideas to assist manufacturers and communities in the state. If you do

that are involved in the development and marketing of an invention. The Office, however, will publish for a fee, at the request of a patent o

n those who use these terms falsely to deceive the public.

herwise, all patent applications are maintained in the strictest confidence until the patent is issued or the application is published. After the a

torney or agent of record in the application file the Office will not correspond with both you and the attorney/agent concerning the merits o

nt application. If, on the other hand, one of these persons has provided all of the ideas of the invention, and the other has only followed ins

tion, should the patent application be filed by the first and second persons jointly? mployer or the person who furnishes the money.

on of the patent application, and (c) USPTO prosecution.

Also, some bar associations operate lawyer referral services that maintain lists of patent lawyers available to accept new clients.

tion of the invention promoters. Questions or complaints should be directed to the Mail Stop 24; Director of the U.S. Patent and Trademark n which the organization is located, or from the bureau of commerce and industry or bureau of consumer affairs of the state in which the or

at can help you locate manufacturers and individuals who might be interested in promoting your idea.

ties in the state. If you do not know the names or addresses of your state organizations you can obtain this information by writing to the go

the request of a patent owner, a notice in the Official Gazette that the patent is available for licensing or sale. In addition, the Office of Ind

n is published. After the application has been published, however, a member of the public may request a copy of the application file. After th

concerning the merits of your application. All comments concerning your application should be forwarded through your attorney or agent.

ther has only followed instructions in making it, the person who contributed the ideas is the sole inventor and the patent application and pa

new clients.

S. Patent and Trademark Office; P.O. Box 1450; Alexandria, VA 22313-1450 or call at 866-767-3848 . the state in which the organization has its place of business. You may also undertake to make sure that you are dealing with reliable people

ation by writing to the governor of your state.

ddition, the Office of Independent Inventor Programs (OIIP) was established in March 1999 in order to meet the special needs of independe

e application file. After the patent is issued, the Office file containing the application and all correspondence leading up to issuance of the p

your attorney or agent.

patent application and patent shall be in his/her name alone.

ealing with reliable people by asking your own patent attorney or agent or by asking others who may know them.

pecial needs of independent inventors. The OIIP establishes new mechanisms to better disseminate information about the patent and tradem

g up to issuance of the patent is made available in the Files Information Unit for inspection by anyone, and copies of these files may be purc

out the patent and trademark processes and to foster regular communication between the USPTO and independent inventors.

of these files may be purchased from the Office.