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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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