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Under Section 455, a company may obtain the status of a 'dormant company' where it:
AHas more than 200 members
BHas stopped paying tax
CIs formed for a future project/to hold an asset or IP and has no significant accounting transaction
DIs listed but not trading
Answer & Solution
Correct answer: C. Is formed for a future project/to hold an asset or IP and has no significant accounting transaction
A company formed for a future project, or an inactive company with no significant accounting transaction, may apply for dormant status under Section 455.
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