research methodologies b.law

8/11/2019 Research Methodologies B.law

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PRESENTEDBY:

Zulfiqar Ahmad

Hassan Maqsood


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Company

Kinds of Companies

Registration of Company

Winding up of Company


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According to Section 3(1)(i) of the Companies

Act, a company means, A company formed

and registered under the Company Act 1913or Company Ordinance 1984.


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Voluntary AssociationArtificial Person

Creation Under LawLimited LiabilitySeparate Legal EntityPerpetual Succession

Transferable SharesCommon Seal


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Companies are classified on the basis of

IncorporationLiability of members

Number of members

Ownership


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On the Basis of Incorporation

Chartered Company

A company which is formed by the order of queen and

King is called chartered company

Statutory Company

These companies are those in corporate under special

act passed by the parliament or the state legislature. Registered Company

Those companies are those formed and registered

under the companies act or companies Ordinance 1984.


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On the Basis of Liability Company limited by Shares

A limited company is one in which the liability of the

members is limited up to the value of the sharespurchased by them.

Companies limited by Guarantee

Company ltd. by guarantee is the company in which the

liability of the members is limited only up to the amountguaranteed by its members at the time of its winding up.

Unlimited CompaniesThe company which do not have limit of the liability of its

members


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On the Basis of Members

Private Companies

A private company means a company which hasminimum paid up capital of one lack rupees.

Public Companies

A public company is not a private company and

which has minimum paid up capital of five lackrupees or as prescribed.

Listed Company (Listed in stock exchange)

Unlisted Company ( Not listed in stock exchange)


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On the Basis of Ownership

Government Company

The company which is owned by government.

Non Government (Foreign Company)

The companies registered outside the country

and run business within country(Pakistan).


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HOW TO REGISTER A NEW

Company in Pakistan.???????

STEPS AND REQUIREMENTS


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Stages in theformation of

company

Incorporationstage

Subscriptionstage

Commencementstage

Promotion stage


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Idea/discovery of business opportunity/plan of

business

Analysis/investigation/verification of plans

Assembling different factors/resourcesCapital/financial resources

Planning for formation of company

Preparation of documents

Payments of expenses/fee

Filing documents


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Preliminary Formalities

Obtain the approval of the name of the

company.Preparation for printing of documents

Obtaining the license, if any

Obtain certificate from securities and

exchange of commission of the country for

capital if required.

To engage under writer, brokers, bankers,

auditors and signatories to memorandum


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Submissionof Documents

(A) Memorandum of Association

Name of company

Head office addressObject of formation

Liability

Capital

One witness with signature

Sign of 7 persons in public and 2 in Pvt. Ltd

company


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(B)Article of Association

It contains rules to achieve the object given in the

memorandum of association. It should be signed by

subscriber to memorandum.(C) Prospectus

(D) List of Directors

(E) Registered Office

(F) Chillan Form of Fee

(G) Statutory Declaration

(H) Qualification Shares by Directors


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Issuance of shares

Issuance of debentures

By issuance of prospectus if no prospectus hasbeen issued then a statement in l ieu of

prospectushas been filed with registrar.

Contract with under writer

Contract with bankers


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A public company has to received the certificate

of commencement before starting the business.

A company submits the following documents toregistrar.

Prospectus

Minimum subscriptionDirectors shares


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Winding up of a company is the process where by its

life is ended and its property administered for the

benefit of its creditors and members.

Modes of Winding up:

Winding up by Court i.e., Compulsory Winding Up

Voluntary Winding Up

Winding up subject to Supervision of Court


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The winding up of the Company under the order ofCourt is called compulsory winding up.

Grounds for the compulsory winding up

Special resolution of the company

Default in holding statutory meeting

Failure to commence business

Reduction of members below minimum Inability to pay debts

Not follow the rules

Unlawful/Illegal business


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Winding up by the members or creditors of a

company without interface by the tribunal.

A company may be wind up voluntary

By passing an ordinary resolution

By passing special resolution


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Member voluntary winding up

Member voluntary winding up takes place only when

the company is solvent. Its initiated by the members

and is entirely managed by them.

Creditors voluntary winding up

Where the company proposes to wind up voluntary

and the director are not in a position to make thestatutorydeclarationof solvency, the winding up is a

creditors voluntary winding up.


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The court may appointed an additional liquidator to

supervise the winding up procedure.

Grounds for winding up under supervision of court

Partiality of liquidator

Failure to follow the rules of winding up

Any negligence of liquidatorWinding up resolution is obtained by fraud


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