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. What is the primary objective of the Companies Act, 2013? Regulating banking activities Governing the formation and operation of companies Controlling inflation Managing foreign exchange reserves None 2. Which document defines the objectives of a company? Articles of Association Memorandum of Association Shareholder Agreement Business License None 3. The statutory limit for a private limited company’s maximum number of members is: 50 100 200 500 None 4. A company that does NOT issue shares to the public is known as a: Public Limited Company Private Limited Company Listed Company Government Company None 5. A Public Limited Company must have a minimum of how many shareholders? 1 2 7 10 None 6. 46. What is the main purpose of an LLP? To ensure unlimited liability To allow easy transfer of ownership To provide limited liability to partners To function as a government entity None 7. What is the main difference between an LLP and a partnership firm? LLP has limited liability, while partnership has unlimited liability LLP requires no registration, while partnership does LLP does not allow profit sharing, while partnership does LLP has unlimited partners, while partnership is limited to 5 partners None 8. Which government body regulates LLPs in India? SEBI RBI MCA IRDAI None 9. A foreign company operating in India must comply with: SEBI Act, 1992 FEMA, 1999 Both Companies Act, 2013 and FEMA, 1999 RBI Act, 1934 None 10. What is the validity of a name approved by the Registrar of Companies for an LLP? 10 days 15 days 20 days 30 days None 11. Which of the following is NOT a mode of business closure? Voluntary winding up Compulsory winding up Strike off Corporate restructuring None 12. A company can be declared ‘dormant’ if it has been inactive for how many years? 1 year 2 year 3 year 5 year None 13. What is the first step in the voluntary winding-up process? Informing SEBI Passing a special resolution Appointing a new director Applying for GST deregistration None 14. Who appoints a liquidator in the voluntary winding-up process? The Central Government The Company’s Board of Directors The Shareholders The High Court None 15. The process of removing a company's name from the Registrar of Companies (ROC) is called: Strike Off Takeover Amalgamation Asset Reconstruction None 16. The Companies Act, 2013 allows a company to be restored after being struck off within: 1 year 5 year 3 year 2 year None 17. Which form is used to apply for striking off a company’s name? MGT-7 STK-2 AOC-4 INC-22 None 18. What is the primary advantage of converting a Private Limited Company into an LLP? Less compliance burden No taxation More government support Higher share capital requirement None 19. The Insolvency and Bankruptcy Code (IBC), 2016 governs: Incorporation of companies Business closures and liquidation Share market regulations Intellectual property rights None 20. A company undergoing voluntary liquidation must notify: The Central Government The Registrar of Companies SEBI RBI None 21. The process of merging two or more companies into one is called: Amalgamation Strike Off Liquidation Conversion None 22. Which of the following is NOT a type of business restructuring? Merger Demerger Conversion Registration None 23. The MCA portal allows companies to file compliance documents through: Physical submission only Online e-filing Verbal communication Postal mail None 24. A Public Limited Company must have a minimum of how many directors? 1 2 3 5 None 25. What is the minimum capital requirement for forming an LLP? ₹1 lakh ₹5 lakh ₹10 lakh No minimum requirement None 26. The legal document that governs the internal management of a company is called: Memorandum of Association Articles of Association Shareholder Agreement Board Resolution None 27. Which body is responsible for registering trademarks in India? SEBI RBI Controller General of Patents, Designs & Trademarks MCA None 28. What is the penalty for not filing annual returns for a company? ₹500 per day ₹1,000 per month ₹10,000 per year ₹100 per day None 29. Which of the following is NOT a type of closure of business? Winding up Strike off Business Restructuring Voluntary Liquidation None 30. A company's tax registration under GST is cancelled when: It voluntarily closes down It fails to file returns for 6 months It applies for strike-off All of the above None 31. What is the minimum number of partners required to form an LLP? 1 2 3 5 None 32. Which form is required for the incorporation of an LLP? SPICe+ INC-22 FiLLiP STK-2 None 33. The liability of members in a Private Limited Company is: Unlimited Limited to the amount unpaid on shares Based on personal assets Fully covered by the government None 34. Which of the following entities does NOT require mandatory registration? Sole Proprietorship Private Limited Company LLP Public Limited Company None 35. Which Act governs the registration of Partnership Firms in India? Companies Act, 2013 Partnership Act, 1932 LLP Act, 2008 SEBI Act, 1992 None 36. A company must hold its first Annual General Meeting (AGM) within how many months from incorporation? 3 months 6 months 9 months 12 months None 37. What is the minimum capital requirement for a Public Limited Company? ₹1 lakh ₹5 lakh ₹10 lakh No minimum requirement None 38. Which authority is responsible for issuing GST registration in India? MCA CBDT GSTN SEBI None 39. The process of converting a Private Limited Company into a Public Limited Company requires: Approval from SEBI Amendment of MOA and AOA Court order No special requirement None 40. Which document serves as proof of company incorporation? GST Certificate Certificate of Incorporation Memorandum of Understanding Business License 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 !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
