Waec Gce Commerce Obj & Essay Question And Answer Now Available

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COMMERCE OBJ

1-10: ACBCCABDBB

11-20: DCABBDABDC

21-30: DAADDCCACD

31-40: ACDDACBCBA

41-50: AADBABCCAD

(1)

-TABULATE-

|| || PUBLIC CORPORATION || COOPERATIVE SOCIETY

(i) Formation || Act of parliament or decree || May only be registered Under co-operative Laws

(ii) Sources of Funds || Government And through grants || Voluntary Contributions by members

(iii) Management || Board of directors || Elected Commitee

(iv) Business Motive || Provide Essential services to the general public || To promote member’s welfare

(v) Decision Making || Government || Members of the committee

(1b)

• Step 1: The promoter devises a scheme of capitalisation, bearing in mind the cost of formation, assets to be bought and working capital.

• Step 2: The promoter is required to secure the service of a solicitor to prepare certain documents to be filed with the registrar of companies. The documents are

(i) memorandum of association

(ii) Article of Association

(iii) statement of Nominal capital

• Step 3: The documents are stamped and lodged with the registrar of companies.

• Step 4: After going through the documents, the registrar of companies then issues a certificate of incorporation to the company. This gives the company the power to commence business.

• Step 5: A private company can commence business after recieving the certificate of incorporation.

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