Questions

The 2019 BRICS summit is the eleventh annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five-memberstates Brazil, Russia, India, China and South Africa. The summit will be held in Rio de Janeiro, Brazil, the third time Brazil has hosted the summit after the 2014 summit.

Onam is an annual Hindu festival with origins in the state of Kerala in India. It falls in the Malayalam calendar month of Chingam, which in Gregorian calendar overlaps with August–September. In this festival, boat races are famous.

Joint stock company is a voluntary association of individuals for profit, having a capital divided into transferable shares, the ownership of which is the condition of membership.

The definition of a joint stock company highlights the following features of a company.

Separate legal entity:From the day of its incorporation, a company acquires an identity, distinct from its members. Its assets and liabilities are separate from those of its owners. The law does not recognise the business and owners to be one and the same.

The management and control of the affairs of the company is undertaken by the Board of Directors, which appoints the top management officials for running the business. The directors hold a position of immense significance as they are directly accountable to the shareholders for the working of the company. The shareholders, however, do not have the right to be involved in the day-to-day running of the business. The liability of the members is limited to the extent of the capital contributed by them in a company

The risk of losses in a company is borne by all the shareholders. This is unlike the case of sole proprietorship or partnership firm where one or few persons respectively bear the losses.