The
correct answer is: A. A private company is not required to prepare a Statutory Report.A private company is a company that has a minimum of two members and a maximum of 50 members. It is not required to file a Statutory Report with the Registrar of Companies. However, it is required to keep certain books and records, such as a register of members, a register of directors, and a register of debenture holders.
A Statutory Report is a document that must be filed with the Registrar of Companies by every company, except for private companies. It contains information about the company’s financial position, its directors and shareholders, and its activities.
Sharing of profit is a prima facie, but not conclusive, evidence of partnership. This means that if two or more people share profits, it is presumed that they are partners. However, this presumption can be rebutted by evidence to the contrary.
The maximum number of members in a private company can be 50. This means that a private company cannot have more than 50 members. If a private company has more than 50 members, it will automatically become a public company.
The minimum number of members in a private company should not be less than 7. This means that a private company must have at least 7 members. If a private company has less than 7 members, it will not be able to register with the Registrar of Companies.