Ravi Gupta (Student of CA-IPCC CS and M.COM) (243 Points)
08 October 2010
Yogesh Shah
(Managing Corporate Finance)
(1051 Points)
Replied 09 October 2010
Hi Ravi,
I am answering your second question :-
Though some companies use the word ‘corporation’ in their name, Corporation in fact is a different term.
Generally we can say that ‘Corporation’ is a legal entity, which is, established under particular law or statute (apart from Company Act) e.g. Bombay Municipal Corporation (set up under BMC Act) or Pune Municipal Corporation or Maharashtra Krishna Valley Devlp Corp (set up under MKVDC Act). They are governed by their own sets of rules & regulations. Company Act is not relevant over there.
Last … while filing their Income Tax Return, they are treated as ‘Company’. However, it has nothing to do with Companies Act, 1956.
Balram Begari
(Accountant)
(122 Points)
Replied 09 October 2010
Hi Ravi,
One Major diffrence is Corporation & Company whether Limited or Unlimited is
"
For a Private Limited company – INR 100,000
For a Public Limited company – INR 500,000
Where as for Corporation it is -INR 5 Crores.
I hope you querry resolved.
Balram Begari
(Accountant)
(122 Points)
Replied 09 October 2010
And
The word ‘Corporation’ can put anywhere in the name,
where as Pvt /Public Ltd always at the end of company name.
CAclubindia
