A limited liability partnership has a separate and distinct legal entity similar to that of an incorporated company?

1.   ?    True
2.   ?    False

Which of the following is not required to be submitted to Companies House in order to register a company?

1.   ?    Memorandum and articles of association
2.   ?    Particulars of first directors
3.   ?    The registration fee
4.   ?    Particulars of the promoter

Which of the following statements is not true:

1.   ?    Any limited liability company can be formed with a single member
2.   ?    A private company limited by shares can be formed with a single member
3.   ?    A public company is required to have at least two members
4.   ?    A public company is required to have a minimum share capital of £50,000.

When does a registered company become incorporated?

1.   ?    A. When the company receives the certificate of incorporation.
2.   ?    When the certificate of incorporation is issued
   ese.
3.   ?    When the incorporators submit all the documentation required for registration
4.   ?    None of these

Is it possible to register a company electronically?

1.   ?    Yes
2.   ?    No

What is the effect of s 5 Partnership Act 1890?

1.   ?    Each partner is an agent of the firm and other partners
2.   ?    Each partner is liable for tortious wrongs committed in the course of the firm’s business
3.   ?    Each partner is liable for his or her own wrongs done in the course of the firm’s business

Which of the following statements is not true?

1.   ?    A limited liability partnership comprises at least two members
2.   ?    The members of a limited liability partnership are liable for each other’s acts
3.   ?    The members of a limited liability partnership can agree to contribute an agreed amount in the event of a winding up of the limited liability partnership
4.   ?    Members of a limited liability partnership can be held liable for fraudulent or wrongful trading

In Mercantile Credit v Garrod (1962), the court held:

1.   ?    The partners were liable to the third party by virtue of s 5 PA 1890
2.   ?    Neither partner was liable as the partners agreed that the act in question could not be carried out as part of the firm’s business
3.   ?    Both partners were held liable by virtue of s 10 PA 1890
4.   ?    Partners are only liable for their own acts done in the course of the firm’s business

Which is the most common type of registered company?

1.   ?    An unlimited company
2.   ?    A company limited by guarantee
3.   ?    A private company limited by shares
4.   ?    A public limited company

A sole trader’s liability for debts incurred in the course of business is limited to the value of business assets.

1.   ?    True
2.   ?    False