Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Setting up of Business Entities and Closure Total Number of Question: 40 Time: 41 Minutes Please check your email after completion of test for result. All the best... Name Phone No Email State 1. Which of the following is NOT a type of business entity in India? Sole Proprietorship Limited Liability Partnership (LLP) Corporation Sole Hindu Undivided Family (HUF) None 2. Under which Act is a Private Limited Company registered in India? The Partnership Act, 1932 The Companies Act, 2013 The Limited Liability Partnership Act, 2008 The Societies Registration Act, 1860 None 3. What is the minimum number of members required to form a Private Limited Company? One Two Three Five None 4. Which of the following is an example of a business structure with unlimited liability? Private Limited Company LLP Sole Proprietorship One Person Company None 5. What is the maximum number of members allowed in a Private Limited Company? 50 100 200 Unlimited None 6. Which business structure requires a minimum of seven members for incorporation? LLP Private Limited Company Public Limited Company Sole Proprietorship None 7. Under which Act is an LLP registered? Companies Act, 2013 Partnership Act, 1932 LLP Act, 2008 Societies Registration Act, 1860 None 8. Which of the following is NOT a characteristic of a One Person Company (OPC)? It has a single shareholder It is a type of private company It requires a minimum of two directors It must nominate a nominee director None 9. In which of the following cases is an entity required to register under GST? Annual turnover exceeds ₹40 lakh (₹20 lakh for special category states) Annual turnover is ₹5 lakh Business operates only in a single state Business does not supply goods or services None 10. What is the minimum capital requirement for forming a Private Limited Company in India? ₹1 lakh ₹5 lakh ₹10 lakh No minimum requirement None 11. The concept of Limited Liability means: Shareholders are liable for debts of the company Shareholders’ liability is limited to their shareholding Directors are personally responsible for company debts None of the above None 12. A Public Limited Company must have a minimum of how many directors? 1 2 3 5 None 13. Which of the following entities is NOT required to be registered under the Companies Act, 2013? Private Limited Company Public Limited Company Hindu Undivided Family (HUF) One Person Company None 14. What is the maximum number of partners allowed in a Limited Liability Partnership (LLP)? 10 20 50 No limit None 15. The process of closing down a company is called: Registration Liquidation Amalgamation Incorporation None 16. A foreign company setting up business in India must comply with which Act? FEMA Act, 1999 Companies Act, 2013 SEBI Act, 1992 Both a and b None 17. The liability of a partner in a partnership firm is: Limited Unlimited Limited to their share capital Zero None 18. The governing body for Companies in India is: SEBI RBI Ministry of Corporate Affairs (MCA) CBDT None 19. A company formed for charitable purposes is registered under: Section 2(68) of the Companies Act Section 8 of the Companies Act Section 10 of the Companies Act Section 12 of the Companies Act None 20. The Digital Signature Certificate (DSC) is mandatory for: Sole Proprietorship Partnership Firm Company Incorporation None of the above None 21. The term ‘MOA’ in company law refers to: Memorandum of Agreement Memorandum of Association Membership of Association Management of Assets None 22. The ‘Articles of Association’ (AOA) defines: The company’s objectives The internal management rules of the company The company’s shareholding pattern The roles of auditors None 23. Which of the following business entities can be registered under the Startup India scheme? Sole Proprietorship Public Limited Company Private Limited Company Both b and None 24. Which of the following licenses is mandatory for businesses involved in the food industry? FSSAI License GST Registration Import Export Code (IEC) Professional Tax Registration None 25. What is the minimum paid-up capital required to start a Public Limited Company? ₹5 lakh ₹10 lakh ₹50 lakh No minimum requirement None 26. Which government portal is used for company incorporation in India? GSTN Portal MCA Portal NSDL Portal RBI Portal None 27. Which of the following is NOT a document required for company incorporation? Memorandum of Association (MOA) Articles of Association (AOA) GST Registration Certificate Declaration by directors None 28. Which form is used to apply for Director Identification Number (DIN)? SPICe+ DIR-3 INC-22 AOC-4 None 29. What is the maximum number of directors allowed in a private limited company without special resolution? 10 15 20 50 None 30. Which tax is NOT applicable to a sole proprietorship business? Income Tax GST Corporate Tax Professional Tax None 31. A company that does not issue a prospectus to the public is called a: Public Limited Company Private Limited Company Listed Company Government Company None 32. The term ‘authorized capital’ refers to: The maximum capital a company can raise The total capital invested by shareholders The profit earned by the company The minimum capital required to start a business None 33. A Section 8 company is primarily established for: Commercial activities Profit maximization Charitable and social activities Export and import business None 34. A dormant company is one that: Has ceased operations for a long period for a long period Is actively engaged in business Is registered outside India None 35. The SPICe+ form is used for: GST Registration Trademark Registration Company Incorporation FDI Approval None 36. Under the Companies Act, 2013, a Director must obtain a DIN from: SEBI Ministry of Corporate Affairs (MCA) Income Tax Department Reserve Bank of India None 37. A business operating in multiple states must register for GST under: A single GST registration Multiple state-wise registrations No GST registration required Only one central GST registration None 38. The process of removing a company's name from the register of companies is called: Dissolution Strike off Winding up Liquidation None 39. What is the validity period of a name approved by the Registrar of Companies (ROC)? 10 days 20 days 30 days 60 days None 40. Which form is used for winding up a company voluntarily? INC-22 STK-2 MGT-7 AOC-4 None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! 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