The Partnership Act 1890 section 24 sets out rights of partners (in default of their own agreement). Which one of the following is not included in section 24?
Group of answer choices
The right to share equally in the capital and profits of the business.
The right to be indemnified by the firm for any liabilities incurred or payments made in the course of the firm's business.
The right to a salary
The right to take part in the management of the business
Question
Limited liability partnerships were introduced by which Act of Parliament into England and Wales?
Group of answer choices
Limited Partnership Act 1907.
Limited Liability Partnership Act 2000
Partnershp Act 1890
Companies Act 2006
Question
Which of the following is not a method of creating a company?
Group of answer choices
Act of Parliament
Registration under the Companies Act 2006
Royal Charter
A written agreement made by the directors
Question
There are a number of differences between a public company and a private company. Which ONE of the following is not a valid difference?
Group of answer choices
Private companies can be created with a trivial amount of capital, whereas public companies must have an allotted minimum share capital of £50,000.
Private company must be formed with at least one director, whereas a public company must have at least two directors.
A public company must have at least two members, whereas a private company need only have one member.
Public companies may offer their shares to the public, whereas private companies may not.
A public company must appoint a company secretary, whereas a private company is not required to appoint a company secretary.
Question
What is 'limited liability?'
Group of answer choices
Limited liability refers to the directors' ability to limit their liability for acts of negligence, fraud etc.
Limited liability refers to the ability of a company to limit its liability.
Limited liability refers to how much the directors have to contribute in the event of the company becoming insolvent.
Limited liability refers to the ability of a member to limit his liability.
Question
In the leading case of Salomon v Salomon & Co Ltd [1897] AC 22, the court found that
Group of answer choices
The charge given by the company to MrSalomon was valid
The company was an agent for Mr Salomon
The company should pay its creditors before it pays Mr Salomon
The company was a trustee for Mr Salomon
Question
Which of the following is the best description of the significance of the decision in Salomon v Salomon & Co Ltd (1897)?
Group of answer choices
The benefits of incorporation were capable of extending to small private companies
The concept of separate legal personality cannot be used by a sole trader
The notion of limited liability should not apply to corporations owned and operated by a single person
A shareholder who is also involved in the management of the company is not entitled to the benefit of limited liability
Question
Which of the following in NOT a correct way of dissolving a general partnership, tick all of the following that you feel are correct.
Group of answer choices
by taking no part in the management of the partnership
May be by mutual agreement or operation of law
where any event makes it unlawful to carry on partnership
death or bankruptcy of any of the partners
by any partner giving notice
by abandoning the partnership
S.35 – by application to the court
by the payment of a sum of money into Court
Question
It is in the interest of both the retiring partner and the firm to publicise the fact of the retirement and so end the apparent authority.
Group of answer choices
True
False
Which of the following is not an attribute of the legal personality of a registered company?
Group of answer choices
it can contract with outside parties and with its own members
its major shareholders and directors cannot be employees of it
it is liable for its own obligations like any other person
it has perpetual succession
Question
What consequences flow from a company being recognised as having a separate legal personality.? (Tick all that apply)
Group of answer choices
The company cannot commit a crime
The company can own property
The company can sue and be sued
The company has perpetual succession
The company cannot make its own contracts
The members of the company have limited liability
Which of the following is an advantage of the corporate form?
Perpetual succession
Public law obligations
Publicity
Profit sharing
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Question 111 pts
Which of the following is not an attribute of the legal personality of a registered company?
Group of answer choices
it can contract with outside parties and with its own members
its major shareholders and directors cannot be employees of it
it is liable for its own obligations like any other person
it has perpetual succession
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Question 121 pts
What consequences flow from a company being recognised as having a separate legal personality.? (Tick all that apply)
Group of answer choices
The company cannot commit a crime
The company can own property
The company can sue and be sued
The company has perpetual succession
The company cannot make its own contracts
The members of the company have limited liability
Flag this question
Question 131 pts
Which of the following is an advantage of the corporate form?
Group of answer choices
Perpetual succession
Public law obligations
Publicity
Profit sharing
Question 1
The Partnership Act 1890 section 24 sets out rights of partners (in default of their own agreement). Which one of the following is not included in section 24?
Answer :
The right to a salary
Question 2
Limited liability partnerships were introduced by which Act of Parliament into England and Wales?
b) Limited Liability Partnership Act 2000.
Question 3
Which of the following is not a method of creating a company?
A written agreement made by the directors.
Question 4
There are a number of differences between a public company and a private company. Which ONE of the following is not a valid difference?
A public company must have at least two members, whereas a private company need only have one member.
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