Mention a few salient features of the Companies Act, 2013 and how a company is different from a partnership firm?
Understand the Problem
The question is asking for the salient features of the Companies Act, 2013, as well as an explanation of how a company differs from a partnership firm.
Answer
Companies Act, 2013 highlights: 1. Simplified incorporation. 2. One-person companies. Companies are separate entities with limited liability, unlike partnerships.
Salient features of the Companies Act, 2013 include: 1. Simplified incorporation process. 2. Establishment of a one-person company. 3. More defined roles and responsibilities for directors. A company differs from a partnership firm as it is a separate legal entity, offers limited liability, and can hold property in its own name.
Answer for screen readers
Salient features of the Companies Act, 2013 include: 1. Simplified incorporation process. 2. Establishment of a one-person company. 3. More defined roles and responsibilities for directors. A company differs from a partnership firm as it is a separate legal entity, offers limited liability, and can hold property in its own name.
More Information
The Companies Act, 2013 modernized corporate governance in India, introducing measures like mandatory CSR for certain companies and stringent audit processes.
Tips
Common mistakes include confusing the tax implications and legal status between companies and partnerships.
Sources
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