Answer the following questions and then press 'Submit' to get your score. Show
Question 1Which one of the following is an unincorporated organisation? a) General partnership. b) Limited liability partnership. c) Public limited company. d) Private limited company. Question 2The maximum number of persons who are legally allowed to operate in a partnership is: a) 2 b) 20 c) There is no legal limit d) 100 Question 3A partner who is entitled to a share of the profits from a partnership is known as: a) A salaried partner. b) A managing partner. c) An equity partner. d) A limited liability partner. Question 4The 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? a) The right to take part in the management of the business. b) The right to a salary. c) The right to share equally in the capital and profits of the business. d) The right to be indemnified by the firm for any liabilities incurred or payments made in the course of the firm's business. Question 5Limited liability partnerships were introduced by which Act of Parliament? a) Limited Partnership Act 1907. b) Limited Liability Partnership Act 2000. c) Partnership Act 2000. d) Companies Act 2006. Question 6Which one of the following statements about limited liability partnerships (LLPs) is incorrect? a) An LLP has a legal personality separate from that of its members. b) The liability of each partner in an LLP is limited. c) Members of an LLP are taxed as partners. d) A limited company can convert to an LLP. Question 7Which of the following is not a method of creating a company? a) A written agreement made by the directors. b) Registration under the Companies Act 2006. c) Act of Parliament. d) Grant of Royal Charter. Question 8A Community Interest Company (CIC) can be set up as which of the following? a) A private company limited by guarantee only. b) A private company limited by shares or a private company limited by guarantee only. c) A private or public company limited by shares or a private company limited by guarantee. d) None of the above, it is a type of partnership. Question 9Sparkle Ltd is a private limited company limited by shares. It has one director. How many shareholders does the law require it to maintain? a) One provided it is a different person from the director. b) Five. c) Two. d) One which can be the same person as the director. Question 10An organisation running a business has the following attributes: the assets belong to the organisation, it can create a floating charge over its assets, change in membership does not alter its existence, and members cannot transfer their interests to others. What type of organisation is it? a) A private limited company b) A limited liability partnership c) A general partnerships d) A private limited company Which answer is not a feature of a general partnership?Limited liability is not a feature of general partnership law.
Which of the following is a characteristic of a general partnership quizlet?Which of the following is a characteristic of a general partnership? The partners have co-ownership of partnership property.
Which of the following is a correct statement regarding the creation of a limited partnership?Which of the following is a correct statement regarding the creation of a limited partnership? The creation of a limited partnership is formal and requires public disclosure.
Which one of the following applies to a general partnership quizlet?Which one of the following applies to a general partnership? Any one of the partners can be held solely liable for all of the partnership's debt.
|