Opening a fast-food franchise Essay Example for Free

Opening a fast-food franchise Essay Opening a fast-food franchise can be a very rewarding venture. Consumers ate as much as US$110 billion worth of fast-food in the United States in year 2000 alone, a dramatic increase from only US$6 billion in 1970. According to The National Restaurant Association, this trend continues to be observed as fast-food sales grow at a rate of 5% per annum to an estimated US$163 billion by the end of 2007 (Maxwell, 2003). This gives us the idea that a fast-food franchise is potentially a very profitable business option. However despite this implication, an average of three out of twenty-five franchises of major fast-food corporations close down at the end of every fiscal year (Maxwell, 2003), which tells us that merely opening a fast-food franchise does not guarantee success in the business. Therefore there is a need to follow certain guidelines in order to increases the chances of succeeding in the fast-food business venture. The first step is selecting an appropriate fast-food site. This could be a piece of property that you own or intend to lease. It is of prime importance that you first evaluate whether or not your intended site is fit for a fast-food franchise. Some franchisors require you to follow specific guidelines in selecting a site while others may even require you to merely choose from a list of sites that they offer. Sound evaluation of a prospective site involves a scrutiny of 1. ) sanitation, 2. ) consumer base, and 3. ) competition (Hogan, 1997). A fast-food site must be in an area that is relatively sanitized. You should never choose a site that is next to a junkyard or other similar structures. The best sites are located in places that have obvious potential consumer bases such as near a school where the school’s students and faculty members might comprise a commanding consumer base. Unfortunately, there are usually other fast-food outlets already installed in the best of fast-food site areas, which makes it important for you to first analyze the level of competition in the immediate area and whether you would be able to stand up to it. The second step is to select an appropriate franchisor (Hogan, 1997). The fast-food that you will choose should be in demand to your prospective consumer base. You can conduct a survey on the food preferences of people in your prospective site in order to have a better idea of which franchisor to select. It is also important to select a franchisor that has a well popularized trademark and a proven formula for good business. This is the main advantage to buying a franchise as opposed to starting a new fast food joint from scratch. Aspects of a fast-food franchisor such as advertising, good will, and favorable sanitation reports all trickle down to individual franchises. Furthermore, a well run franchise should be able to assist a franchisee on everything, from site selection and even lease negotiation to staff training, ingredients advisory and operations monitoring. The last step is to make the proper arrangements with your selected franchisor (Hogan, 1997). This involves settling a number of fees including those for initial franchise, royalties, and other miscellaneous fees for advertising and promotions. This step also includes hiring and training required staff and setting up the selected site. With all those taken cared of, what remains to be done is to procure stock for the food to be served and then you are good to go. Franchising is a potentially profitable business option. Anyone who is thinking about making such a venture should first look for an appropriate site and select a reliable franchisor before going into the detail of making final arrangements of setting up a franchise.

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Nathan Thomas Mrs. Brush ENG III December 4, 2013 Coca-Cola In 1886, something extraordinary took place in the hands of a curious pharmacist that changed and shaped not only America, but the also rest of the world forever. From this ordinary pharmacist, named Dr. John S. Pemberton, came a distinctly flavored syrup that was tested and retested several times. After taking it to the local pharmacy down the road in Atlanta, Georgia, he sold about nine servings a day (Pendergrast). Little did Dr. Pemberton know that his product would skyrocket to about ten billion gallons a day almost two hundred years later. As soon as Coca Cola began, it spread rapidly making what is considered today to be the greatest refreshment ever known to man ("Coca-Cola History"). When Dr. Pemberton mixed the drink with tonic water, sampled it, and critiqued it until excellent, his bookkeeper, Frank Robinson, named the product Coca-Cola and created the distinct and classic font still recognizable today. Before dying only two years later, Dr. Pemberton sold the original product to an Atlanta businessman known as Asa Candler. He became one of the greatest men to work with Coca-Cola. Mr. Candler traveled all around the city handing out coupons and advertisements to people to come and try the best new thing. As the new president, Asa Candler distributed Coca-Cola to more and more fountains outside of his city. With the new syrup plants in more cities like Los Angeles, California; Dallas, Texas; and Chicago, Illinois, Mr. Candler was able to spread items with the famous brand name on them across the country ("Coca-Cola History"). At one point, Joseph Biedenharn, an every-day salesman, invented bottled machinery for his soda fountain. Five years af... ...ese four main people that helped tremendously to spread the happiness, Coca-Cola would never have come as far as it has. "Coca-Cola History." World of Coca-Cola. Coca-Cola Company, n.d. Web. 18 Oct. 2013. "History of Coca-Cola." Coca-cola.co.uk. Coca-Cola Great Britain, 2010. Web. 18 Oct. 2013. May, Clifford D. "How Coca-Cola Obtains It's Coca." Nytimes.com. The New York Times, 1 July 1988. Web. 23 Oct. 2013. Morse, J. S. B. "Coca-Cola, Communication, and Confusion." ETC.: A Review of General Semantics 66.2 (2009): 162+. General OneFile. Web. 23 Oct. 2013. Pendergast, Mark. "Siphoning That Coca-Cola Magic." Management Review 83.1 (1994): 26+. General OneFile. Web. 23 Oct. 2013. Pendergast, Mark. For God, Country and Coca-Cola: The Definitive History of the Great American Soft Drink and the Company That Makes It. 3rd ed. New York: Basic, 2013. Print.

Is It Better to Be a Member of a Group Than to Be the Leader?

ESSAY Do you agree with the following statement? It is better to be a member of a group than to be the leader of a group. Use specific reasons and examples to support your answer. I personally disagree with the statement that it is better to be a member of a group than a leader. It is true that being a member is certainly much more comfortable, as you have less responsibility, and you are not the one who makes the final decisions.Also, some people may be too shy, too reserved or not charismatic enough to become a leader. However, in my opinion, a leader is a member too, but a leader does more. First of all, a leader takes responsibility for making decisions and guiding the others in a certain direction. The second reason is that if you take the responsibility of being the leader, you are more active. Thus, your participation in the group is much more interesting and exciting.You are more concerned about what is happening around you, and you do not just wait for other people to do eve rything. In other words, you are not passive, and you get involved. Finally, if you are a good leader, then the others will respect you, and gaining people’s respect is important if you want to have a good place in society. As a conclusion, I would say that, to me, it is more interesting to be a leader than to be only a member, as it can be so much more stimulating and enriching for your personal and professional life.

Defunct Company under Companies Act 2013 - Free Essay Example

Sample details Pages: 9 Words: 2645 Downloads: 7 Date added: 2017/06/26 Category Law Essay Type Narrative essay Level High school Tags: Act Essay Did you like this example? Defunct Company under Companies Act, 2013 Introduction: A company which is not carrying on any business or which is not in operation is called a defunct company.[i] In a general circular[ii], issued by the Ministry of Corporate Affairs (MCA) the defunct companies have been described as that: certain companies have been registered under the Companies Act, but due to various reasons some of them are inoperative since incorporation or commenced business but became inoperative later on and are not filing their due documents timely with the Registrar of Companies. These companies may be defunct and are desirous of getting their names strike off from the Register of Companies.[iii] Where the company is not carrying any business or operation or it has discontinued the operations completely, then it can make any application to the Registrar of Companies for declaring it as defunct company. This is the most easy and shortest method for dissolving of any company. Don’t waste time! Our writers will create an original "Defunct Company under Companies Act 2013" essay for you Create order After being declared as defunct, the name of the company is removed from the records of the Registrar of Companies.[iv] The capacity of the company ceases on becoming defunct. Where the date on which a suit was filed in the name of the company it had been struck off the Register as being defunct, the proceeding was held to be not valid.[v] Section 560 of the Companies Act, 1956 dealt with the à ¢Ã¢â€š ¬Ã‹Å"Power of Registrar to strike defunct company off registerà ¢Ã¢â€š ¬Ã¢â€ž ¢. With modification of this provision, it is reincorporated in Section 248 of the new Companies Act, 2013 with the à ¢Ã¢â€š ¬Ã‹Å"Power of Registrar to remove name of company from register of companies.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Striking off the name from the Register: Three grounds are prescribed under Section 248(1) of the Companies Act, 2013 for removing the name of the company from the register of the companies. When any or all of the three mentioned grounds are satisfied, then the name of the Company could be strike off from the register of the companies. Firstly when, a company has failed to commence its business within one year of its incorporation.[vi] Secondly when, the subscribers to the memorandum have not paid the subscription which they had undertaken to pay within a period of one hundred and eighty days from the date of incorporation of a company and a declaration under sub-section (1) of section 11 to this effect has not been filed within one hundred and eighty days of its incorporation.[vii] And thirdly when, a company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within such period for obtaining the status of a dormant company under section 455.[viii] Procedural Requirements: When the registrar has the reasonable cause to believe that all or any of the above three mentioned grounds are satisfied by any company then, he shall send a notice to the company and all the dire ctors of the company, of his intention to remove the name of the company from the register of companies. The registrar shall also requesting them to send their representations along with copies of the relevant documents, if any, within a period of 30 days from the date of the notice.[ix] The second method of removing the name of the Company from Register is by on its own motion by the Company. A Company may by a special resolution or consent of 75 % members in terms of paid-up share capital, file an application in the prescribed manner to the Registrar for removing the name of the company from the register of companies on all or any of the above three grounds specified Section 248(1). The Registrar shall issue a public notice in the prescribed manner on receipt of such application. But this provision does not apply to the companies registered under any special law. When the company is regulated by any special Act then approval of concerned regulatory body constituted or establish ed under that Act shall also be obtained and enclosed with the application. But this second method of removing the name of the Company is not applicable to Companies which are registered under Section 8 (Companies with charitable objects).[x] The notice issued by the registrar under the above two mentioned method shall be published in the prescribed format and also in the Official Gazette for the information of the general public.[xi] In the case of Sitaram Singh Construction P. Ltd v. Union of India[xii], the issue was whether the Registrar can strike off a company without publishing a gazetted notification in this regard? In this case, the Registrar of Companies had neither published the notice in the Official Gazette nor sent the notice to the company by registered post as required under Section 560(3) of the Companies Act, 1956. On the other hand, the company was continuously carrying on business. It was held that although, there was a serious omission on the part of the c ompany in not filling its annual returns, the mandatory requirement under Section 560(3) of the Act was not complied with by the Registrar. Therefore, the notice issued under Section 560(5) of the Act was to be quashed and the name of the company was to be restored. Powers of Registrar: After the expiry of the time mentioned in the notice the registrar may, unless cause to the contrary is previously shown by the company, strike its name off the register and shall publish notice thereof in the Official Gazette, and on the publication of this notice in the Official Gazette, the company shall stand dissolved.[xiii] Before striking off the name of company, the registrar shall satisfy himself that sufficient provision has been made for the realisation of all amount due to the company and for the payment or discharge of its liabilities and obligations by the company within a reasonable time.[xiv] If there arises any necessity the registrar can obtain necessary undertakings from the managing director, director or other persons in charge of the management of the company.[xv] Notwithstanding the undertakings taken by the registrar from the director, the assets of the company shall be made available for the payment or discharge of all its liabilities and obligations even after the date of the order removing the name of the company from the register of companies.[xvi] Despite the striking off the name of company, the liability, if any of every director, manager or other officer who was exercising any power of management, and of every member of the company, shall continue and may be enforced as if the company had not been dissolved. Restrictions on Company for making Application to strike off its name: An application under Section 248(2), by the company on its own motion is prohibited in certain circumstances. These conditions are given under Section 249(1) of the Companies Act, 2013. If the Company files an application under Section 248(2) in violation of the conditions specified in Section 249(1), it shall be punishable with line which may extend to one lakh rupees.[xvii] An application filed under sub-section (2) of section 248 shall be withdrawn by the company or rejected by the Registrar as soon as conditions under sub-section (1) of Section 249 are brought to his notice.[xviii] The Conditions are that: The company shall not made application if at any time in the previous three months the company[xix] has changed its name or shifted its registered office from one State to another has made a disposal for value of property or rights held by it, immediately before cesser of trade or otherwise carrying on of business, for the purpose of disposal for gain in the normal course of trading or otherwise carrying on of business has engaged in any other activity except the one which is necessary or expedient for the purpose of making an application under that section, or deciding whether to do so or concluding the affairs of the company, or complying with any statutory requirement has made an application to the Tribunal for the sanctioning of a compromise or arrangement and the matter has not been finally concluded, or is being wound up under Chapter XX, whether voluntarily or by the Tribunal In case it is found that an application by a company under sub-section (2) of section 248 has been made with the object of evading the liabilities of the company or with the intention to deceive the creditors or to defraud any other persons. Then the persons in charge of the management of the company shall, notwithstanding that the company has been notified as dissolved, be jointly and severally liable to any person or persons who had incurred loss or damage as a result of the company being notified as dissolved; and also be punishable for fraud in the manner as provided in section 447.[xx] Where a company stands dissolved under section 248, the company from the date mentioned in the notice under Section 248(5), shall cease to operate as a company and the Certificate of Incorporation issued to it shall be deemed to have been cancelled from such date except for the purpose of realising the amount due to the company and for the payment or discharge of the liabilities or obligation s of the company.[xxi] Rectification of errors: If there happens any error, then the solution lies with the Appeal to the National Company Law Tribunal. Section 252 of the Companies Act, 2013 provides that- any person aggrieved by an order of the Registrar, notifying a company as dissolved under section 248, may file an appeal to the Tribunal within a period of three years from the date of the order of the Registrar.[xxii] If the Tribunal is of the opinion that the removal of the name of the company from the register of companies is not justified, then it may order restoration of the name of the company in the register of companies.[xxiii] But before passing any order under this section, the Tribunal shall give a reasonable opportunity of making representations and of being heard to the Registrar, the company and all the persons concerned.[xxiv] On the other hand, if the Registrar is satisfied, that the name of the company has been struck off from the register of companies either inadvertently or on the basis of incorrect information furnished by the company or its directors, which requires restoration in the register of companies.[xxv] Then the registrar may within a period of three years from the date of passing of the order dissolving the company under section 248, file an application before the Tribunal seeking restoration of name of such company.[xxvi] After the decision given by the Tribunal, a copy of the order passed by the Tribunal shall be filed by the company with the Registrar within thirty days from the date of the order. On receipt of the order the Registrar shall cause the name of the company to be restored in the register of companies and shall issue a fresh certificate of incorporation.[xxvii] Rights of Affected Parties: If a company, or any member or creditor or workman of that company thereof feels aggrieved by the company having its name struck off from the register of companies, then that person may appeal to the Tribunal by an application, before the expiry of twenty years from the publication in the Official Gazette of the notice under Section 248(5).[xxviii] In this case, that person should establish that the company, at the time of its name being struck off was carrying on business or was in operation or otherwise and it is just that the name of the company be restored to the register of companies.[xxix] If the Tribunal is satisfied that the company was actually carrying on business or it is otherwise just to do so, the Tribunal may order the name of the company to be restored to the register of companies. It may, by the order, give such other directions and make such provisions as deemed just for placing the company and all other persons in the same position as nearly as may be as if the name of the company had not been struck off from the register of companies.[xxx] In case of Bhogilal v. Registrar of Joint Stock Companies[xxxi]: The creditor of a defunct company filed a petition for restoration of its name. The petitioner alleged that he had obtained a decree against the company a day before the publication of the notification. The directors of the company on being asked by the Registrar misinformed him that the company was not in operation. It was also found that the entire share capital of the company was not called up and that the uncalled capital was sufficient to satisfy the decree. Holding that it was just and equitable to restore the name of the company to the register, the court observed: à ¢Ã¢â€š ¬Ã…“No steps were taken to discharge the liability which the company owed to the petitioner. The effect of the order of removal would be to make it difficult for the petitioner to obtain the fruits of his decree. Had the Registrar known that the company was actually defending a suit, it is extremely unlikely that he would have ordered the name of the company to be removed from the register.à ¢Ã¢â€š ¬Ã‚  In another case of Vijayawada Chamber of Commerce and Industry v. Registrar of Non-Trading Companies[xxxii], the company was actually functioning, only its returns had been delayed. The striking off the companies name was set aside. An income tax officer is a creditor for this purpose and can apply for restoration.[xxxiii] The company which has been struck off may itself apply for restoration, though the court would not order restoration unless there is sufficient evidence of likely benefit to creditors or members.[xxxiv] Restoration operates retrospectively,[xxxv] means that on the restoration of a company back to the register after its being struck off the consequence is as though it had never been struck off the register. The company will be deemed to have had its existence althrough.[xxxvi] Thus the provision relating to restoration à ¢Ã¢â€š ¬Ã…“seems primarily intended for companies which were active at the moment of their mortal woundà ¢Ã¢â€š ¬Ã‚ [xxxvii]. But discovery of outstanding assets of the company is, of course, one of the reasons why restoration is sought. This is why a period of twenty years is allowed. The company may have unknown assets which do not come to light until many years after the company has been struck off and so dissolved.[xxxviii] Page | 1 [i] Avtar Singh, Company Law, 15th Edition, p. 639 (Eastern Book Company) [ii] General Circular No. 2/2010, Government of India (Ministry of Corporate Affairs) [iii] Easy Exit Scheme, 2010 retrieved from https://www.mca.gov.in/Ministry/latestnews/CircularEES27may2010.pdf [iv] Declaring the Company as Defunct, retrieved from https://www.startbizindia.in/declaring_company_defunct.php [v] Floating Services Ltd. v M.V. San Franscesco, (2004) 25 SCL 762 Guj. [vi] Section 248(1) (a), The Companies Act, 2013 [vii] Section 248(1) (b), The Companies Act, 2013 [viii] Section 248(1) (c), The Companies Act, 2013 [ix] Section 248(1), The Companies Act, 2013 [x] Section 248(3), The Companies Act, 2013 [xi] Section 248(3), The Companies Act, 2013 [xii] [2010] 156 Comp Cas 127 (Pat) [xiii] Section 248 (5), The Companies Act, 2013 [xiv] Section 248 (6), The Companies Act, 2013 [xv] ibid [xvi] ibid [xvii] Section 249 (2), The Companies Act, 2013 [ xviii] Section 249 (3), The Companies Act, 2013 [xix] Section 249 (1), The Companies Act, 2013 [xx] Fraudulent Application for removal of name, Section 251 of Companies Act, 2013 [xxi] Effect of Company notifies as dissolved, Section 250 of Companies Act, 2013 [xxii] Appeal to Tribunal, Section 252 of the Companies Act, 2013 [xxiii] ibid [xxiv] First Proviso of Section 252 of the Companies Act, 2013 [xxv] Second Proviso of Section 252 of the Companies Act, 2013 [xxvi] ibid [xxvii] Section 252(2), The Companies Act, 2013 [xxviii] Section 252(3), The Companies Act, 2013 [xxix] ibid [xxx] ibid [xxxi] AIR 1954 MB 70 [xxxii] (2004) 122 Comp Cas 796 AP [xxxiii] Harvest Lane Motor Bodies Co, Re, [1951] 2 All ER 898 [xxxiv] ITO (Companies Circle), Re, [1970] 1 Comp LJ 46 [xxxv] Lindsay Bowman Ltd, Re, [1969] 3 All ER 601 [xxxvi] Supra note 1, p. 642 [xxxvii] Test Holdings, (Clifton) Ltd, Re, [1969] 3 All ER 517 [xxxviii] Supra note 1, p. 641