Object Change of Business
The commodity clause of the company states the purpose for which the company is incorporated. If the company wants to change the purpose after incorporation, the Memorandum of Association (MOA) has to be amended as per the Companies Act, 2013.
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Contents of MOA(Memorandum of Association)
Name Clause
Registered Address Clause
Object Clause
Liability Clause
Capital Clause
Reason to Object Change of Business
- The Company may want to carry on its business on a larger scale by enhancing the scope of its activities.
- To attain the goals already set by the Company by new or improved methods.
- To carry on such additional business that can easily be combined with the existing business of the Company.
- To sell or dispose of the part of the business which can alter the structure of the business.
- In case the Company is getting amalgamated or combined with other companies, it needs to expand its existing objective.