Arrange the following steps in the correct sequence of the life of a company:

(A) Commencement of Business
(B) Incorporation
(C) Promotion
(D) Floatation
Choose the correct answer from the options given below:

The correct option is (C), (B), (D), (A).

The life cycle of a joint-stock company begins from its conceptualization and goes through several legal and operational stages before it can officially start its business operations. The correct chronological sequence of these stages is explained below:

1. Promotion (C):
This is the first stage in the formation of a company. It involves discovering a business opportunity, analyzing its feasibility, and taking the initiative to assemble the necessary resources (like capital, labor, and machinery) to start the business. The individuals who undertake these activities are known as promoters.

2. Incorporation (B):
Once the promotion stage is complete, the promoters apply for registration of the company. Incorporation is the process of legally registering the company with the Registrar of Companies (ROC) under the relevant Companies Act. Upon successful registration, the ROC issues a "Certificate of Incorporation," which gives the company its legal identity as a separate corporate body.

3. Floatation or Capital Subscription (D):
After incorporation, the company needs to raise the required capital to commence operations. This stage involves drafting and issuing a prospectus to invite the public or private investors to subscribe to the company's shares or debentures. This process of raising capital from the public is referred to as floatation.

4. Commencement of Business (A):
This is the final stage in the formation of a public company. After raising the minimum required subscription capital and filing the necessary declarations with the Registrar of Companies, the company receives the "Certificate of Commencement of Business." Once this certificate is granted, the company can officially begin its commercial operations.

Therefore, the correct chronological sequence is Promotion (C) ⇒ Incorporation (B) ⇒ Floatation (D) ⇒ Commencement of Business (A), which corresponds to the sequence (C), (B), (D), (A).