BEE-Darshan 2

1. No formalities required to form a company. Wrong
2. http://www.slideshare.net/technomgtsood/formation-of-a-company
3. A company dies with the death of a shareholder.... no  not at all.
4. Shareholder"s liability is limited.  yes.
5. The company can own properties in its own  name. yes correct.
6. Company is managed by the elected representatives  of shareholders. true and correct.
7. Page 139
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9. Director Identitification Number is a must
10. under sec 266 B.  yes
11. Number of directors cannot exceed 12 . if needed more then Central govt. approval required. yes true.
12. page 156.
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14. Partnership.
15.  Page 193
16. Number of partners not to exceed  10 in the case of a banking firm and not to exceed 20 in the case of a trading firm. true
17. There must be  written agreement between partners. not correct. it can be verbal too.
18. It is compulsory to register a firm.
19. Not necessary. Not required.
20. No partner can transfer his shares to any other without the consent of other partners. true and correct.
21. Partnership firm has NO separate legal entity.Correct and true.
22. ___________________________________
23. Page 275
24. In the right of lien the possession is retained
25. by UNPAID SELLER.  correct.
26. According to consumer protection act 1986
27. goods means which is defined under
28. SALE OF GOODS ACT 1930.
29.  A club or society is an ASSOCIATION of persons.
30. Registration of a firm is not compulsory.
31. Relation between a doctor and a patient
32. not fiduciary in nature.  False and wrong.
33. http://dictionary.reference.com/browse/fiduciary
34. illegal agreement and unenforceable agreement are not one and the same.
35. True and correct.
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37. Page 283
38.  A negotiable instrument is freely transferable. yes correct and true.
39. A bill of exchange must be in writing. yes
40. There are 3 different parties to a Bill of Exchange. right,correct and yes.
41. Holder and Holder in due course are different. yes and true.
42. Holder means any person entitled in his own name to the possession of the negotiable instrument and to recover or receive the amount due thereon from the parties thereto.
43.  A holder in due course on the other hand, means a holder who takes the instrument in good faith for consideration before it is overdue and without any notice of defect in the title of the person who transferred it to him.
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