Companies Act

Ans: The liability of estate of deceased partner is mentioned under section 35 of partnership act whereas the right of outgoing partner to carry on competing business is mentioned under Article 36 and right of outgoing partner in certain cases to share subsequent profits is mentioned under section 37 of partnership act. 

Ans: The partners are mentioned under Section 31, 32 , 33 and 34 of partnership act,  1932.  The introduction of partner is mentioned under section 31 of partnership act.  The retirement of partners is mentioned under section 32 of partnership act. The expulsion of partner is mentioned under section 33 of partnership act.  The Insolvency of partner is mentioned under section 34 of partnership act. 

Ans: No,  Judicial stamp can not be used in partnership deed.  Judicial stamps are paid under court fees act, 1870 and Non Judicial Stamps are paid under Indian Stamp Act, 1899 and the respective state amendments.

Ans: PARTNERSHIP NOT CREATED BY STATUS.  In accordance with section 5 of partnership act, 1932, the relation of partnership arises from contract and not from status; and, in particular, the members of a Hindu undivided family carrying on a family business as such, or a Burmese Buddhist husband and wife carrying on business as such are not partners in such business.  According to section 5 of contract act, 1932, the partnership is not created by status. The relation of partnership arises: From Contract; and not from status. Example 1:  Members of Hindu undivided family (Joint Family) carrying on a family business together. The family members are not partners of each other because although,  they are carrying business together but the relationship between them has not arisen from Contract but due to their family status according to their religion. Example 2: A Burmese Buddhist husband and wife carrying on business together according to their religion. The husband and w...

Ans: In accordance with section 4 of partnership act, 1932:  Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.  Persons who have entered into partnership with one another are called individually, "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm-name". So persons individually are partners and collectively makes a firm and the name under which business is carried on is the firm- name.  To make partnership,  partnership deed is required. If two persons agree to share profits, they become partners in partnership firm. 

Ans: The company act, 2013 comprises of 470 sections , 29 chapters and 7 schedules whereas partnership act, 1932 comprises of 74 Sections and 2 schedules.  

Ans: The partnership firm is governed by Indian Partnership Act, 1932 and state rules.  The partners individually and collectively make firm. Generally in every act, the powers are given to make rules. In Indian Partnership Act, the power to make rules are given to state government. The parties in partnership firm are called the partners. Contract is essential and basis of a partnership firm. Term is governed by the Agreement/ Deed. If silent,  it is 'partnership at will '. All terms can be decided by the partners,  and in absence of any specific term the relevant sections of the Act will apply. The minimum number of partners are two. The maximum number of partners are 50. Companies Act, 2013( Section 464), Companies Miscellaneous) Rules, 2014( Rule 10) . All terms can be decided by the partners,  and in absence of any specific term the relevant sections of the Act will apply. Each partner is the agent of other partner and this relationship is called Principal Agent ...

Ans: Though an OPC and sole proprietorship have only one person/member, their functioning differs.   OPC has the features of a company, while the sole proprietorship does not enjoy the benefits of a company . Thus, the sole proprietor has unlimited liability, and the business does not have perpetual succession. The sole proprietorship is registered under shop and establishment act of states.  In company law, perpetual succession is the continuation of a company's/corporation's or other organization's existence despite the death, retirement, bankruptcy, insolvency, insanity, change in membership or an exit from the business of any owner or member, or any transfer of stock etc.

 Ans:  1. Partnership firm requires partnership deed whereas incorporation of company requires memorandum of association and articles of association.   2. A member whose name is entered in the register of members of company is member of company. It is not mandatory that the member will be the the shareholder. The minimum number of members in the partnership firm are 2 and minimum number of members for private limited company are 2 and minimum number of members for public limited company are 7 and one for one person company.  3. The maximum number of partners in partnership firm are 100.  The maximum number of members in private limited company are 200 and maximum number of members in  public limited company are unlimited.  4.  The company comprises of members and directors.  Thus minimum number of directors as per section 149(1) of companies act are 2 in case of private limited company and 3 in case of public limited company and one for ...

Ans: Section 5(3) which implies that certain provisions within the Articles of Association will not be alterable by merely passing a special resolution, and will require a much more lengthy and elaborate process. x

Ans: Memorandum of association is a public document according to Section 399 of the Companies Act, 2013. Hence, any person who enters into a contract with the company is expected to have knowledge of the MOA. It contains details about the powers and rights of the company and not about company 's persons. 

Ans:1.  Memorandum of Association refers to a charter document that encloses key detail which is necessary for company’s incorporation.  Articles of Association refer to documents that contain all the norms and rules that regulate the company. 2. Memorandum of association is subordinate to the governing Act whereas Articles of Association is subordinate to Memorandum of Association. 3. The memorandum of association can not be amended retrospectively whereas the Articles of Association can be amended retrospectively. 4. A memorandum of association has six fundamental clauses whereas the articles of association can be prepared as per the company’s requirement. 5. Memorandum of association is obligatory for all companies whereas Articles of Association is obligatory for private companies while a public limited company limited by shares can opt for Table F in place of articles. 6. Memorandum of Association can be subjected to alteration after passing speci...

  Ans: According to section 2(56) of Companies act, 2013, the memorandum of association are of two types i.e., memorandum of association as originally framed and memorandum as altered from time to time.  According to section 2(5) of companies act, 2015, articles of association are of two types as articles of association originally framed and articles of association as altered from time to time. 

Ans: According to section 165 of companies act, 2013, a person can not act as a director (any type) of more than 20 companies at the same time. This number can ,although be minimized by a company with respect to its own director by passing a special resolution.   Section 165(1):  No person, after the commencement of this Act, shall hold office as a director , including any alternate directorship, in more than twenty companies at the same time: Provided that the maximum number of public companies in which a person can be appointed as a director shall not exceed ten. 165(2) Subject to the provisions of sub-section (1), the members of a company may, by special resolution, specify any lesser number of companies in which a director of the company may act as directors.  165(3) Any person holding office as director in companies more than the limits as specified in sub-section (1), immediately before the commencement of this Act shall, within a period of one year from such c...

Question 1: Rajiv owns a garments shop with his two brothers. They decided to diversify its business by creating a company that will manufacture garments. They are facing some financial difficulties in this regard. For example, they collectively have just Rs. 80,000 as capital. Furthermore, they wish to limit their liabilities because of such financial shortcomings. Can they form a private company under such conditions? Answer: Rajiv and his brothers can definitely incorporate a company under such conditions. Although the Companies Act had previously prescribed a minimum capital requirement of Rs. 1 lakh, this is now omitted. Considering the second condition, they can opt for a company limited by shares or guarantee. Both company limited by shares or company limited by guarantee limit the liabilities.  

Ans:  According to section 149(4) of companies act, 2013, every listed public company shall have at least one-third of the total number of directors as independent directors  and the Central Government may prescribe, the minimum number of independent directors in case of any class or classes of public companies. Explanation.—For the purposes of this sub-section, any fraction contained in such one-third number shall be rounded off as one.

Ans: Resident Director is defined under section 149(3) of companies act, 2013,  a person must be the resident in India for atleast 182 days in previous calender year to become resident director.  Nominee director is nominated by financial institution and is Non-executive and non-independent director. It is mentioned under section 149(7) of companies act, 2013.

Ans: The doctrine of indoor management  favours the outsider person whereas doctrine of constructive notice favours the company

Ans: According to section 149 of companies act,  2013:  (1) Every company shall have a Board of Directors consisting of individuals as  directors and shall have— (a) a minimum number of three directors in the case of a public company , two directors in the case of a private company , and one director in the case of a One Person Company ; and (b) a maximum of fifteen directors: Provided that a company may appoint more than fifteen directors after passing a special resolution: Provided Further that such class or classes of companies as may be prescribed, shall have at least one woman director. (2) Every company existing on or before the date of commencement of this Act shall within one year from such commencement comply with the requirements of the provisions of sub-section (1). (3) Every company shall have at least one director who stays in India for a total period of not less than one hundred and eighty-two i.e., 182 days during the financial year: Provided that in case o...

Ans: According to section 11 of Indian Contract Act, 1872, a minor is not eligible to enter into a contract. Thus, a minor can not be the member of company, even if the guardian of minor can purchase shares on behalf of minor. In this case , the guardian of minor works as a trustee and a trustee can not be the member of a company. If in the ignorance of fact of minority, director alloted the shares to the minor and register his name on the register of companies, the company can cancel such allotment and remove his name from the register of companies on knowing the fact.

Ans: Under the Indian Companies Act, 2013, six types of directors can be appointed in a company, i.e., Women Director, Independent Director, Small Shareholders Director, Additional Director, Alternative and Nominee Director. The Act does not bar a foreign national to be appointed as any of the above-mentioned directors in Indian Companies.

Ans:  Karta is the head of hindu undivided family and Sons or daughters, both are considered to be coparceners and share equal legal rights and liabilities over their ancestral property.  Disadvantages: Karta is dominant and has unlimited liability.  Only the family members are included. 

Ans: Section 2(62) of the Companies Act, 2013 defines a 'One Person Company' as a company which has only one person as a member. Simplifying thereof, a 'One Person Company' can be formed by only one member and one director. Importantly, the member and director can be the same person. Section 2(68) of Companies Act, 2013 defines private companies. According to that, private companies are those companies whose articles of association restrict the transferability of shares and prevent the public at large from subscribing to them. As per Section 2 (71) of the Companies Act, 2013, public company is a company which (a) is not a private company, (b) has minimum capital of Rs. 5 lakh or such higher paid-up capital as may be prescribed, and (c) is a private company which is a subsidiary public company.

Ans:  The main source of income for the government is tax collection. Under section 2(7) of the Income Tax Act, 1961 , an assessee is a person or company who is liable to pay taxes to the government under the provisions of this act.  To assess means to evaluate.  So, the assessee is a person who has been evaluated for his income as well as for other's person income, for which the assessee will be assessable for the profit and loss experienced by that person. According to the Income Tax Act, they are classified into the following categories: Normal assessee: A normal assessee is a person who will be responsible to pay taxes on his income generated in the fiscal year.  Assessee representative: In the case of a non-resident, juvenile or lunatic person, an another person who will be responsible for paying taxes on income or losses will be the assessee representative.  Deemed representative: Any person who is regarded to be an assessee and pay taxes on behalf of anot...

Ans:  Types of taxes paid by company:  A company is an artificial person, so company will also pay taxes and the taxes paid by a company will be direct tax as well as indirect tax.  There are two types of taxes. 1. Direct taxes 2. Indirect taxes 1.Direct taxes:  The taxes which are paid by assessee himself  are the direct taxes. E.g.,  Income tax, wealth tax, Gift tax ,etc. 2. Indirect taxes: The taxes which are not paid by assessee himself are Indirect taxes. E.g., G.S.T(Goods and services tax), custom duty, etc. An assessee which is company here pays more indirect taxes as compared to direct taxes. Thus, indirect taxes generate more income for the government. 

Añs: According to section 2(72) of companies act,  2013, the public financial institution” means— (i) the Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956; (ii) the Infrastructure Development Finance Company Limited, referred to in clause (vi) of sub-section (1) of section 4A of the Companies Act, 1956 so repealed under section 465 of this Act; (iii) specified company referred to in the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002; (iv) institutions notified by the Central Government under sub-section (2) of section 4A of the Companies Act, 1956 so repealed under section 465 of this Act; (v) such other institution as may be notified by the Central Government in consultation with the Reserve Bank of India: Provided that no institution shall be so notified unless— (A) it has been established or constituted by or under any Central or State Act 4[other than this Act or the previous company law]; or (B) no...

  Ans: Associate companies or holding companies: As per Section 2(46) “holding company”, in relation to one or more other companies, means a company of which such companies are subsidiary companies. As per Section 2(87) “subsidiary company” or “subsidiary”, in relation to any other company (that is to say the holding company), means a company in which the holding company— (i) controls the composition of the Board of Directors; or (ii) exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies.

Ans: There are four forms of business ownership in India:  1. Sole Proprietorship : Under Shop and Establishment Act of State.  2. company : Under Companies Act, 2013, 2017 3. Partnership firm: Partnership Act, 1932 4. Hindu Undivided family ( No seperate act) but mentioned in Income tax act, 1961. HUF is treated as a ‘person’ under Section 2 (31) of the Income Tax Act, 1961 (IT Act).

Ans: Companies act 1956 comprises of 658 sections, 15 schedules and 13 parts whereas companies act, 2013 comprises of 470 sections and 7 schedules and 29 chapters.  The 188 sections of Companies act, 1956 have been dropped. 

Ans:  Legislature refers to the law making body of a state. It is the first organ of the government. It has the power to make or change laws and oversee the administration of the government. The legislature can be of two types: unicameral and bicameral. Unicameral legislature has only one house, assembly or chamber for lawmaking. Bicameral legislature has two houses for law making.  In india , there is bicameral legislature whereas in China, there is unicameral legislature.  x

Ans:  Thus, the penalty under Section 172 of the companies Act , 2013 applies in case of non-compliance regarding the appointment of a woman director. Section 172 of the Act lays down that the company and every officer in default will be punished with a fine that shall not be less than Rs.50,000 but may extend up to Rs.5,00,000.  Section 68:  Members in private company were 50. Section 71: Members in private company are 200.  Section 2(62) Section 149(1)(a) Section 149(1)(b) Section 135 Section 172 Section 398

Ans:   Director, woman director, members, , one person company,  corporate social responsibility, financial year and e- governance.  Director : The maximum directors according to Companies Act, 1956 are 12. The maximum directors according to Companies Act, 2013 are 15 but by passing a special resolution . According to section 149(1)(a) of the Companies Act, 2013 , every company shall have a minimum number of 3 directors in the case of a public company, two directors in the case of a private company, and one director in the case of a One Person Company. A company can appoint maximum 15 fifteen directors but by passing a special resolution according to 149(1)(b) and also the company must have atleast one woman director according to Companies act 149(1)(b).  The maximum members in a private company according to Company Act, 1956 are 50 (Section 68 ) whereas the Maximum members in a private company according to company act, 2013 are 200 (Section 71) . One perso...

Ans: Companies act 1956 comprises of 658 sections, 15 schedules and 13 parts whereas companies act, 2013 comprises of 470 sections and 7 schedules and 29 chapters.  The 188 sections of Companies act, 1956 have been dropped. 

Ans:  According to section 149(1) of the Companies Act, 2013 , every company shall have a minimum number of 3 directors in the case of a public company, two directors in the case of a private company, and one director in the case of a One Person Company. A company can appoint maximum 15 fifteen directors but by passing a special resolution.  In partnership firm,  the firm can have minimum 2 partners under partnership act, 1932.   The minimum number of partners a partnership firm must have is two partners. The maximum number of partners prescribed by the Central Government is 50 and u/s.464 of the Companies Act is 100. Rule 10 of the Companies (Miscellaneous) Rules, 2014 - Association or partnership of persons exceeding certain number - No association or partnership shall be formed, consisting of more than fifty persons for the purpose of carrying on any business that has for its objects the acquisition of gain by the association or partnership or by individ...

Ans: Companies contribute to society in corporate social responsibility.The public and businesses are subject to the many benefits of corporate social responsibility. Firstly, it benefits society, as companies contribute a part of their revenue. Secondly, the company gains by earning a reputation and thus, making profits. The Companies Act, 2013 provides for CSR under section 135. Thus, it is mandatory for the companies covered under section 135 to comply with the CSR provisions in India. Companies are required to spend a minimum of 2% of their net profit over the preceding three years as CSR. Firms make it a point to heavily publicize their CSR initiatives, as making customers aware of it is equally important as doing good to society. The benefits of CSR extend to both society and the company. Thus it is necessary to carefully weigh the impacts of CSR initiatives and design them to maximize the positive effects. Types of Corporate Social Responsibility: Env...

Ans: In simple words, it is one man business organization. All the assets of the business and profit generated out of business are owned by sole proprietor. The advantage of sole proprietorship is complete control and freedom to make quick decisions regarding the business. There is no sharing of profits. A significant disadvantage is unlimited liability. He can have access to limited capital. A single person can not be expert in every sector of business.  This leads to limited managerial liability. Section 2(62) of the Companies Act, 2013 defines a 'One Person Company' as a company which has only one person as a member. Simplifying thereof, a 'One Person Company' can be formed by only one member and one director. Importantly, the member and director can be the same person. One Person company is mentioned under Section 2(62) of company act, 2013 whereas sole proprietorship is mentioned under shop and establishment act of state. 

Ans: There are four forms of business ownership.  1. Sole Proprietorship : Under Shop and Establishment Act of State. 2. Partnership: Under Partnership Act,  1932 3. Company : Under Companies Act,  2013 i) On the basis of incorporation  ii) On the basis of members iii) On the basis of control iv) on the basis of liability  4. Hindu Undivided Family :  Hindu Undivided Family ('HUF') is treated as a 'person' under section 2(31)​ of the Income-tax Act, 1961. It is also mentioned in companies act, 2013 and Partnership Act, 1932. 

Ans: This problem is related to 'the validity of the proposal and its reversal'. Rule 14 of the Companies (Share Capital and Debentures) Rules, 2014, provides that a Company which has once announced the decision of the Board recommending a bonus issue shall not subsequently withdraw the same. Once the Board recommends, the bonus issue cannot be withdrawn even if the members decide so. In other words, you are forcing the shareholders to accept the recommendation of the Board. So it is only a formality to seek approval of the shareholders and even if it is rejected or not passed by the members in the Extraordinary General Meeting, the Company still has to go ahead with the issue of bonus shares by virtue of Clause (f) of Subsection (2) of Section 63. Thus, a Company shall not capitalise its profits or reserves for the purpose of raising bonus shares unless the following conditions are satisfied namely; a) authorisation in articles of association; b) bonus issue must be authorised...

Ans:  There are some differences between companies act, 1956 and Companies Act, 2013. The maximum members in a private company according to Company Act, 1956 are 50 whereas the Maximum members in a private company according to company act, 2013 are 200. One person company does not exist under Companies Act, 1956 whereas one person company exists under Companies Act, 2013. Companies were permitted to decide the date of end of financial year under Companies Act, 1956 whereas the financial year must end on 31st March every year. According to Companies act, 1956, the maximum directors in a company will be 12 whereas according to Companies Act, 2013, the maximum directors in a company will be 15 but by passing a special resolution. According to section 149(1) of the Companies Act, 2013 , every company shall have a minimum number of 3 directors in the case of a public company, two directors in the case of a private company, and one director in the case of a One Person Compan...

Ans:  There were some loop holes in companies act, 1956. Thus, the company act, 2013 was enacted and the major contributions of companies act 2013 are as follows:  1. Strengthening Woman Contributions  2. Corporate Social Responsibility  3. National Company Law Tribunal 4. One Person Company 5. Independent Directors 6. Rotation of Auditors 7. Financial Year

  Ans: Capital is the money to run the business.                                                       x Authorised Capital : If a company has 100000 shares and the face value of each share is Rs 10, the total capital which is also authorised capital is Rs 10 lakhs and the company can not issue the shares more than Rs 10 lakhs and the authorised capital of the company is Rs 10 lakhs. The ROC will not permit to issue shares more than authorised capital. The Authorised Capital will be mentioned in the Memorandum of Association.  Suppose a company would not like to issue all shares for future investment and would like to issue 60,000 shares , the issued capital will be Rs 6 lakhs i.e., 60 percent of the authorised capital.  The company does not issue all shares because the unnecessary funds collected from public will be the wastage o...

Ans: Memorandum of Association is mandatory for every Companies whereas Articles of Association is mandatory for private companies only.  The Memorandum of Association refers to a fundamental public charter that encloses particulars needed at the time of incorporation. Presently, Memorandum of Association acts as a mandatory requirement for incorporation of any company in India. At the time of the company’s incorporation, it should to be registered with the Registrar of Companies. The memorandum of association encloses the powers, objects, as well as scope of the company, beyond which an organization is not allowed to operate, i.e. it imposes a limitation on the range of undertakings of the company. Memorandum of association is a public document according to Section 399 of the Companies Act, 2013. Hence, any person who enters into a contract with the company is expected to have knowledge of the MOA. It contains details about the powers and rights of the company. Section 2(56) of t...

Ans:   Companies on the basis of control or Holding :  Holding and Subsidiary Companies  Associate companies or holding companies: As per Section 2(46) “holding company”, in relation to one or more other companies, means a company of which such companies are subsidiary companies. As per Section 2(87) “subsidiary company” or “subsidiary”, in relation to any other company (that is to say the holding company), means a company in which the holding company— (i) controls the composition of the Board of Directors; or (ii) exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies. So , the holding company will have subsidiary company.

Ans: On the basis of members, the company is divided into Private Company, Public Company and One Person Company. 

  Ans: On the basis of liabilities, the company is divided into three types:  1. Company limited by shares:  The liability of members is limited by shares and is mentioned in the memorandum of association. E.g., If a person buys 10 shares of Rs 100, the liability of company will be of Rs 1000 only( 100 multiplied by 10) if it is unpaid.  If it is paid, there will not be any liability of shareholder.  According to Section 2 (22) of the Companies Act 2013, a company that is limited by shares refers to a company that has the liability of the members limited by such an amount that is unpaid on their respectively held shares. The company can enact this liability while the company is in existence or as it is ending. 2.  Companies limited by Guarantee:  The members of the company give guarantee of fixed amount and the liability of member will be at the time of winding of the company. It means that the member or shareholder of the company will pay a certain am...

Ans: MOA and AOA, both require registration with the ROC (Registrar of Companies) during the time of incorporation.  These two are the primary documents of the company that serve as the constitution of the company. Both are public documents that can be inspected by anyone internally and externally.  MoA is mandatory for every company whereas AoA is mandatory for private companies only.  The statutory companies and companies registered under limited liability partnership act, 2008 do not require MoA. Thus , such companies do not require MoA and AoA. 

Ans:  Companies on the basis of incorporation : 1. Chartered companies 2. Statutory Companies 3. Registered Companies 1. Chartered Company: The Companies like East India Company,  Bank of Japan are the Companies which were started under charter before independence are chartered Companies. Chartered act, 1813 is also called East India Company act, 1813.  2. Statutory Company: The Statutory Companies are formed by passing the act. The Companies like LIC, RBI, UTI (Unit trust of India) are formed under LIC act, 1956, RBI act, 1934 and UTI act, 1963. These companies are not required to have memorandum of association and articles of association. 3. Registered Company: The Companies which are registered under Company Act, 1956 and Company Act, 2013 are the registered companies. The chartered companies are established under 

Ans: The companies are categorised into four types according to the Companies Act, 2013:  1. On the basis of incorporation.  2. On the basis of liability. 3. On the basis of Members. 4. On the basis of Control. 

  Ans:  Company act, 2013 is applicable on the following types of companies: 1.Insurance Company 2. Banking Company 3. Electricity Company 4. Incorporated under this act. 5. Foreign Company( Section 379 to Section 393 of Company act, 2013 ) 6. Special Act Company 7. Limited liability Company 8. Etc. Keywords used:  The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008. The Limited Liability Partnership Act, 2008 regulates the LLPs in India. Minimum two partners are required to incorporate an LLP. However, there is no upper limit on the maximum number of partners of an LLP.

Ans:   The Companies act 2013 comprises of 470 sections ,29 chapters and 7 schedules. The Companies Act, 2013 repeals the Previous Companies act, 1956. The 188 sections of Companies act, 1956 has been dropped in the Companies Act, 2013. The companies act, 1956 comprises of 658 sections and 188 sections have been dropped. The companies act, 1956 comprises of 13 parts and 15 schedules  and 658 sections whereas companies act, 2013 comprises of 29 chapters, 470 sections and 7 schedules . The Parliament of India is the supreme legislative body of the Republic of India. It is a bicameral legislature composed of the president of India and two houses: the Rajya Sabha and the Lok Sabha.

Ans:   According to Section 2 (20) of the Company Act 2013 "Company means a company incorporated under this Act or any previous Company Law.  Company is an artificial person and has common seal.   Common seal: An official seal used by a corporate body for the purposes of authenticating and executing legal documents (such as a contract or deed).

Ans:  The 'Company' is derived from the Latin Word 'Com' meaning together and 'panis' meaning bread. When persons work together to earn bread, the company is formed. Company is an artificial person and has separate legal entity. Company has limited liability of members and has common seal. Company has perpetual existence and is formed by a body . Keywords Used:  Artificial person means  its man- made through operation of law . As a juristic person, a company is entitled to the rights and obligations to the duties similar to that of natural persons i.e. humans, with certain exceptions to such rights and duties.