Contents of Memorandum of Association: The memorandum must contain the following clauses:
1. The Name Clause: It contains the name of company with which the company will be known.
2. Registered Office Clause: It contains the name of the state, in which the registered office of the company is proposed to be situated.
3. Objects Clause: It defines the purpose for which the company is formed. It is further divided into two sub-clauses: (1) the main objects: (2) other objects.
4. Liability Clause: It states that the liability of members is limited to the amount unpaid on shares owned by them.
5. Capital Clause: It specifies the maximum capital, which the company will be authorized to raise through issue of shares.
6. Association Clause: In this clause, signatories to the memorandum, state their intention to be associated with the company and give their consent to purchase qualification shares.

Promoter is a person who conceives the idea of starting a business, examines the feasibility of idea, assemble various resources, prepare necessary documents and perform other activities needed to commence the business.
Functions of a promoter:
1. Identification of business opportunity;
2. Feasibility studies: the following feasibility studies may be undertaken:
(a) technical feasibility 
(b) financial feasibility
(c) economic feasibility;
3. Name approval;
4. Fixing up signatories to the Memorandum of Association;
5. Appointment of professionals;
6. Preparation of necessary documents.

The Articles of Association are the rules for the management of the internal affairs of a company. The articles define the duties, rights and power of the officer and director of the company.
Contents of the Articles of Association (It is not an exhaustive but illustrative list)
1. The amount of share capital and different types of shares.
2. Rights of each class of shareholder.
3. Procedure for making allotment of shares.
4. Procedure for issuing share certificates.
5. Procedure for forfeiture and reissue of share.
6. Procedure for conducting, voting and proxy.
7. Procedure for appointment of director.
8. Procedure for declaration of dividend.
9. Procedure for alteration of share capital.
10. Procedure regarding winding up of the company.

Following steps are required for raising funds from public:
1. SEBI Approval: SEBI regulates the capital market of India. A public company is required to take approval from SEBI.
2. Filing of Prospectus: Prospectus means any documents which invites offers from the public to purchase share and debenture of the company.
3. Appointment of Bankers, Brokers, Underwriters: Bankers of the company receive the application money. Brokers encourage the public to apply for the shares. Underwriters are the persons who undertake to buy the shares if these are not subscribed by the public. They receive a commission for underwriter.
4. Minimum Subscription: According to the SEBI guidelines, minimum subscription is 90% of the issue amount. If minimum subscription is not received then the allotment cannot be made and the application money must be returned to the applicants within 30 days.
5. Application to Stock Exchange: It is necessary for a public company to list their shares in the stock exchange. Therefore, the promoters apply in a stock exchange to list company shares.
6. Allotment of Shares: Allotment of shares means acceptance of share applied. Allotment letters are issued to the shareholders. The name and address of the shareholders is to be submitted to the Registrar.

Registration of a partnership firm is not compulsory under law. The Partnership Act, 1932 provides that if the partners so desire they may register the firm with the Registrar of Firms of the state in which the main office of the firm is situated.
Consequences of Non-Registration: An unregistered partnership firm suffers from the following situations:
1. It cannot enforce its claims against a third party in a court of law.
2. It cannot claim adjustment for any sum exceeding Rs.100. Suppose an unregistered firm owes Rs.1200 to A and A owes Rs.1000 to the firm the firm cannot enforce adjustment of Rs.1000 in a court of law.
3. It cannot file a legal suit against any of its partners.
4. Partners of an unregistered firm cannot file any suit to enforce a right against the firm.
5. A partner of an unregistered firm cannot file a suit against other partners. Nonregistration of a firm, however, does not affect the following rights:
(i) The right of a partner to sue for the dissolution of the firm or for the accounts of a dissolved firm or to enforce any right or power to realise the property of a dissolved firm.
(ii) The power of an Official Assignee or Receiver to realize the property of an insolvent partner.
(iii) The rights of the firm, or its partners, having no place of business.
(iv) Any suit or set off in which the claim does not exceed rupees one hundred.
(v) The right of a third party to sue the unregistered firm or its partners.

Procedure for Registration: In order to get a partnership firm registered an application in the prescribed form must be filed with the Registrar of Firms. The application should contain the following information:
(i) The name of the firm,
(ii) The principal place of business of the firm,
(iii) Names of other places where the firm's business is carried on,
(iv) Names in full and permanent addresses of the partners,
(v) The date on which each partner joined the firm,
(vi) Duration of partnership, if any.
The application should be signed and verified by each partner. A small amount of registration fee is also deposited along with the application. The application is to be submitted to the Registrar for registration of the firm for its verification. If everything is in order and all legal formalities have been observed, the Registrar shall make an entry in the register of firms. He will also issue a certificate of registration. Any change in the information submitted at the time of registration, should be communicated to the Registrar. Registration does not provide a legal entity to the partnership firm.

In a Hindu Joint Family, the Karla or Manager occupies a pivotal and unique place. In that there is no comparable office or institution in any other system in the world. His office is independent and hence, his position is termed as sui generis. Karta's position is sui generis. As had been explained earlier, his position! office is independent and there is no comparable office in any system in the world.
1. He has unlimited powers and even though he acts on behalf of other members, he is not a partner or agent.
2. He manages all the affairs of the family and has widespread powers.
3. Ordinarily he is accountable to none. The only exception to this rule is if charges of misappropriation, fraud or conversion are levelled against him.
4. He is not bound to save, economise or invest. That is to say that he need not invest in land if the land prices are about to shoot up, and hence, miss out on opportunities etc. He has the power to use the resources as he wishes, unless the above-mentioned charges are levelled against him.
5. He is not bound to pay income of joint family in any fixed proportion to other members. This means that the Karla need not divide the income generated from the joint family property equally among the family members. He can discriminate one member from another and is not bound to treat everyone impartially. Only responsibility is that he has to pay everyone something so that they can avail themselves of the basic necessities such as food, clothing, shelter, education etc.
Karta's Liabilities:
Apart from all the unlimited powers that are bestowed upon the Karta, he also has liabilities thrust on him.
1. Karta has to maintain all the members of the joint family properly. If there is any shortfall in his maintenance, then any of the members can sue for maintenance.
2. He is responsible for marriage of all the unmarried members in the family. Special emphasis is laid with respect to daughters in this case.
3. In case of any partition suit, the Karta has to prepare accounts.
4. He has to pay taxes on behalf of the family.
5. Karta represents the family in all matters including legal, religious and social matters.

The right of all the partners in a partnership to act as the agents for the partnership's normal business activities, with the authority to bind the partnership into business agreements which have been entered into is called mutual agency. This statement sums up the partnership relationship. The relationship should offer flexibility, opportunity and balanced against that, risk. In partnership you entrust to fellow partners your future reputation and prosperity. Each of us has within our power the ability to enter into undertakings which could bankrupt our fellow partners.

When a person, by words spoken or written or by conduct, represents himself or herself, or consents to another representing him or her to anyone, as a partner in an existing partnership or with one or more persons not actual partners, he or she is liable to any such person to whom such representation has been made, who has, on the faith of such representation, given credit to the actual or apparent partnership and, if he or she has made such representation or consented to its being made in a public manner, he or she is liable to such person, whether the representation has or has not been made or communicated to such person so giving credit by or with the knowledge of the apparent partner making the representation or consenting to its being made, as follows:
1. If a partnership liability results, he or she is liable as though he or she were an actual member of the partnership.
2. If no partnership liability results, he or she is liable jointly with the other persons, if any, so consenting to the contract or representation as to incur liability, otherwise separately.
3. When a person has been thus represented to be a partner in an existing partnership, or with one or more persons not actual partners, that person is an agent of the persons consenting to such representation to bind them to the same extent and in the same manner as though that person were a partner in fact, with respect to persons who rely upon the representation where all the members of the existing partnership consent to the representation, a partnership act or obligation results; but in all other cases it is the joint act or obligation of the person acting and the persons consenting to the representation.

Cooperative is a form of organization wherein persons voluntarily associate together as human beings on the basis of equality for the promotion of an economic interest for themselves. In a cooperative society, the power to take decisions lies in the hands of an elected managing committee. The right to vote gives the members a chance to choose the members who will constitute the managing committee and this lends the cooperative society a democratic character. Also, the principle of 'one man, one vote' governs the cooperative society. irrespective of the amount of capital contribution by a member, each member is entitled to equal voting rights. The membership of a cooperative society is voluntary. A person is free to join a cooperative society, and can also leave anytime as per his desire. Membership is open to all, irrespective of their religion, caste and gender. Thus, by keeping all these points in mind, a cooperative society exemplifies democracy and secularism.

However registration is optional, partnership firms willingly go through this legal formality and get themselves registered because it has some merits:
1. Settlement of Claims: Registered firms can file suit against the third parties. So the rights of registered firms are safeguarded by law. But an un-registered firm or its partner cannot enforce its claim against the third parties or its co-partner.
2. Protection of Rights: The rights and privileges of new partner are also protected in registered firm. But if incoming partner fails to register himself, he will incur great risk, because he will not be in a position to file suit for his dues against his firm or his co-partners.
3. Protection of Property: The property of the retired or deceased partner continues to be liable for the acts firm does after his death or retirement until public notice is served for the change to registrar, So there is strong inducement for partners of registered firms to have the changes noted in the register. But if there is unregistered firm, the private property of the out-going partner will be considered liable to charge the debts inspite of retirement.
4. Protection to Creditors: Registered firm has to maintain correct, complete and up-to-date record of its partners who will be liable for the obligations of the firm. The statement recorded in the register regarding constitution of firm would afford a strong safeguard against untrue refusal of partnership and the evasion of liability to persons who want to deal with the firm.

(i) Perpetual Succession: Perpetual succession refers to continuous succession of a corporation. Perpetual succession is one of the remarkable features of a corporation. The very objective of a corporation is to have a perpetual succession, for there can not be a succession forever without incorporation. The company has perpetual succession. The death or insolvency of a shareholder does not affect its existence. A company comes into end only when it is liquidated according to provision of the Companies Act.
(ii) Common Seal: The expression 'Common Seal' is not defined in the Companies Act, 1956. General practice is to adopt the Common Seal, at the first Board Meeting of the. company. It must be kept under the safe custody of authorized director/officer. The Articles of Association, may set out how and when the common seal has to be affixed.
(iii) Karta: Karta is the head of Joint Hindu family business. He has unlimited liability and final decision making power.
(iv) Artificial Person: A person in the eyes of law is called an artificial person. An entity which has a separate legal entity in the eyes of law is called artificial person. A joint stock company and a cooperative society are artificial persons

For legal consultancy and chartered accountancy firm, partnership firm will be more suitable because it has:
(i) Ease of formation and closure
(ii) Balanced decision making
(iii) More funds
(iv) Sharing of risks
(v) Maintain secrecy