VOLUNTARY WINDING UP UNDER THE SUPERVISION OF COURT

-
According to section 396 of Companies Ordinance, a voluntary winding up of a company can also be carried under the strict registration of the court. 1.  Resolution At first, company has to pass special resolution for the voluntary winding up of the company. 2.  Supervision Order Following are the common grounds on which the court issues the supervision order: 1.  The liquidator performs his duty in partial manner. 2.  The winding up resolution is obtained by fraud. 3.  The liquidator does not strictly observe the rules of winding up the company 3.  Power of the Court The court has the power to appoint an additional liquidator, or to remove any liquidator. 4.  Dissolution After the supervision order is made, the liquidator may exercise his powers in winding up of a company.  On completion of winding up, the court will make an order that the company is dissolved. Share Capital; In simple words, the term “capital” means the particular amoun...
7 comments

AIDS TO TRADE AND QUALITIES OF A GOOD BUSINESS MAN

-
Trade mans biting and selling of goods, whereas, aids to trade means all those things which are helpful in trade. 

a)  Banking 
b)  Transportation
c)  Insurance 
d)  Warehousing 
e)  Agents 
f)  Finance 
g)  Advertising 
h)  Communication

(a)  Banking 

In daily business routine, commercial banks and other financial institutions help the seller and the buyer in receiving and the buyer in receiving and making payments. 

(b)  Transportation 

The goods which are manufactured in mills and factories, reach the consumers by different means of transportation like air, roads, rails, seas etc. 

(c)  Insurance 

The transfer of goods from one place to another is not free from risk of loss.  There is a risk of loss due to accident, fire, theft etc.  The insurance companies help out the traders with this problem through insurance policy. 

(d)  Warehousing 

The  manufacturers  today,  produce  goods  in  large  quantity.  Therefore,  a  need  for warehouses arises in order to store the manufactured goods. 

(e)  Agents 

They are the persons who act as the agents of either buyer or seller.  They perform these activities for commission.  

(f)  Finance 

A large amount is needed to set up an industry.  Financial institutions provide long‐term finance to the producers.  The producers alone are unable to manufacture goods without financial help. 

(g)  Advertising 

The consumer may sometimes, not know about the availability of goods in the market.  The producer must sell his goods in order to remain in business.  Advertisement is an easy way to inform the large number of customers about the goods.  This can be done through TV, newspapers, radio etc.

(h)  Communication 

The producers, wholesalers, retailers, transporters, banks, warehouse‐keepers, advertisers and consumers live at different place.  This post office, telephone and other similar media is very useful for promotion of trade and industry.

QUALITIES OF A GOOD BUSINESSMAN

The modern business is very complex.  Due to scientific and technological development, changes are taking place very fast in every business field.  Following are the basic personal skills or qualities which a good businessman must possess:

1.  Ability to Plan 
 
A businessman, if he wants to shine in business, must have the ability to plan and organize it. 
 
2.  Activator 
 
He had to activate his workers.  If he activates his workers then this is good for business. 
 
3.  Bold or Courage 
 
Courage is a great asset of a businessman.  A good businessman should be a courageous and bold person. May be his some angry decisions gave him loss in future, so he has to be courageous and be bold. 
 
4.  Cooperation 
 
A  good  businessman  should  have  to  cooperate  with  his  workers.  With  the  help  of cooperation with his workers he can run his business well. 
 
5.  Courtesy 
 
Courtesy is to business what oil is to machinery.  It costs nothing but wins a reputation.  So businessman has to win the heart of everyone with his polite manners. 
 
6.  Decision Making 
 
A good businessman should be a good and quick decision maker.  Quick decision of a businessman is an important asset of businessman.  And businessman has to know that his quick decision will give him benefit or not.

7.  Discipline
A good businessman should have to care about the discipline of the business.  If he doesn’t care about the discipline then nobody (who concern to his business) obeys the discipline and business can’t go well.

Other qualities of a good businessman will be in next post. 

Comments

Post a Comment

Popular posts from this blog

PROCEDURE OF FORMATION OF A JOINT STOCK COMPANY IN PAKISTAN

-
Joint Stock Company is the third major form of business organization. It has entirely different organizational structure from sole proprietorship and partnership. There are two advantages of Joint Stock Company. First of all, it enjoys the advantage of increased capital. Secondary, the company offers the protection of limited liability to the investors. The law relating to Joint Stock Company has been laid in Companies Ordinance, 1984, which came into force on January 1, 1985 in Pakistan. Following are the important stages or steps for the formation of a joint stock company: Formation of joint Stock Company PROMOTION STAGE The promoters do the basic work for the start of a commercial or an industrial business on corporate basis. Promotion is the discovery of ideas and organization of funds, property and skill, to run the business for the purpose of earning income. Following steps are involved in the stage of promotion. 1. Idea about Business Before starting the busine...
Read more

VOLUNTARY WINDING UP UNDER THE SUPERVISION OF COURT

-
According to section 396 of Companies Ordinance, a voluntary winding up of a company can also be carried under the strict registration of the court. 1.  Resolution At first, company has to pass special resolution for the voluntary winding up of the company. 2.  Supervision Order Following are the common grounds on which the court issues the supervision order: 1.  The liquidator performs his duty in partial manner. 2.  The winding up resolution is obtained by fraud. 3.  The liquidator does not strictly observe the rules of winding up the company 3.  Power of the Court The court has the power to appoint an additional liquidator, or to remove any liquidator. 4.  Dissolution After the supervision order is made, the liquidator may exercise his powers in winding up of a company.  On completion of winding up, the court will make an order that the company is dissolved. Share Capital; In simple words, the term “capital” means the particular amoun...
Read more

DIRECTOR’S MEETINGS

-
DIRECTOR’S MEETINGS The members of the company elect their representatives to run the business and management of the company.  These representatives are called the directors of the company and they are different in numbers in different companies.  All the business affairs are settled with mutual consultation of all directors.  So, the meeting called for directors to discuss the policies or to take the decisions is called directors’ meeting. 1.  When is it held? This meeting must be held at least once in three months and at least four times in a year. 2.  Notice Notice of every meeting must be sent to each directors, otherwise the proceedings of the meeting may be declared void. 3.  Objects •  To allot shares •  To invest company’s fund •  To recommend dividend •  To keep reserve out of profit •  To make loans •  To appoint officers or committee •  To discuss the contracts of the company WINDING UP OF COMPANY A c...
Read more