Podcast
Questions and Answers
Which ONE of the following correctly represents the characteristics of an LLP?
Which ONE of the following correctly represents the characteristics of an LLP?
- The LLP is a separate legal entity and enters into contracts on its own behalf. All partners have limited liability. An LLP is a better structure for investment than a traditional partnership as it can issue shares and therefore attract investment.
- The LLP is a separate legal entity and enters into contracts on its own behalf. All partners have limited liability. Only professional firms such as law firms and accountancy firms may become LLPs.
- The LLP is a separate legal entity and enters into contracts on its own behalf. All partners have limited liability. LLPs must be registered at Companies House and must submit annual accounts. (correct)
- The LLP is a separate legal entity and enters into contracts on its own behalf. All partners have limited liability. Although LLPs must be registered at Companies House there are no further filing requirements for LLPs.
Which ONE of the following is correct in relation to a traditional partnership?
Which ONE of the following is correct in relation to a traditional partnership?
- A partnership is formed when two or more persons sign a Partnership Agreement.
- In the absence of an express written Partnership Agreement, the Partnership Act 1890 provides that all profits are shared equally, partners are jointly and severally liable for debts of the partnership and all partners can participate in management.
- Under the Partnership Act 1890, in the absence of express agreement, partners will cease to be liable for debts incurred by the partnership at a time when they were partners once they leave the partnership.
- In the absence of express agreement, the Partnership Act 1890 provides that all profits are shared equally, partners are jointly and severally liable for debts of the partnership and all partners can participate in management. (correct)
Which ONE of the following is correct?
Which ONE of the following is correct?
- A partnership can be described as two or more people forming an intention to work together with a view to profit.
- A sole trader requires a certificate of incorporation to start trading.
- LLPs are required to file annual accounts at Companies House. (correct)
- A limited partnership can be formed without any required formalities.
Which ONE of the following is correct?
Which ONE of the following is correct?
Jason, Kim and Sophia have set up a brand consultancy business (Branded). The business is doing well and they now are looking to expand. They have a number of family members and friends who are willing to invest in the business. They seek your advice as to whether to incorporate the business as a private limited company. Which of the following is correct?
Jason, Kim and Sophia have set up a brand consultancy business (Branded). The business is doing well and they now are looking to expand. They have a number of family members and friends who are willing to invest in the business. They seek your advice as to whether to incorporate the business as a private limited company. Which of the following is correct?
Which ONE of the following is correct in relation to a listed company?
Which ONE of the following is correct in relation to a listed company?
Which ONE of the following is correct in relation to the company's articles of association?
Which ONE of the following is correct in relation to the company's articles of association?
Which one of the following correctly states the position with regards to provisions in the Memorandum restricting the objects of companies formed under the Companies Act 1985?
Which one of the following correctly states the position with regards to provisions in the Memorandum restricting the objects of companies formed under the Companies Act 1985?
Which one of the following correctly describes the position of the objects clause (the clause setting out the purposes for which the company was formed) of companies incorporated under the Companies Act 2006?
Which one of the following correctly describes the position of the objects clause (the clause setting out the purposes for which the company was formed) of companies incorporated under the Companies Act 2006?
When incorporating a company from scratch, which one of the following correctly states the documents that must be filed at Companies House?
When incorporating a company from scratch, which one of the following correctly states the documents that must be filed at Companies House?
When does a company become a legal entity?
When does a company become a legal entity?
Your client has purchased a shelf company which has been incorporated with Model Articles and seeks your advice as to how to effect a change of name of the company. Which one of the following is correct in relation to the procedure required to change the name of the company?
Your client has purchased a shelf company which has been incorporated with Model Articles and seeks your advice as to how to effect a change of name of the company. Which one of the following is correct in relation to the procedure required to change the name of the company?
What is the 'nominal value' of a share?
What is the 'nominal value' of a share?
What is the 'issued share capital' of a company?
What is the 'issued share capital' of a company?
Which one of the following would be a Person with Significant Control in relation to a company?
Which one of the following would be a Person with Significant Control in relation to a company?
What is the meaning of “quorum” for a board or general meeting?
What is the meaning of “quorum” for a board or general meeting?
Which of the following correctly sets out the thresholds for ordinary and special resolutions of the shareholders?
Which of the following correctly sets out the thresholds for ordinary and special resolutions of the shareholders?
Which ONE of the following is correct ?
Which ONE of the following is correct ?
Bill, Paul, Simon and Ben are all shareholders of Magic Music Limited (‘Magic’). They have recently decided to rebrand Magic as they feel that the company’s name is outdated. As part of the rebranding they will need to change Magic’s name. They each hold the following number of shares in Magic:
Bill - 28 shares
Paul - 48 shares
Simon - 20 shares
Ben - 4 shares
Magic’s Articles of Association do not deal with changes to Magic’s name and Magic intends to deal with the change of name at a forthcoming GM. Which ONE of the following statements is correct?
Bill, Paul, Simon and Ben are all shareholders of Magic Music Limited (‘Magic’). They have recently decided to rebrand Magic as they feel that the company’s name is outdated. As part of the rebranding they will need to change Magic’s name. They each hold the following number of shares in Magic:
Bill - 28 shares
Paul - 48 shares
Simon - 20 shares
Ben - 4 shares
Magic’s Articles of Association do not deal with changes to Magic’s name and Magic intends to deal with the change of name at a forthcoming GM. Which ONE of the following statements is correct?
Major decisions affecting the company (such as the power to remove a director and the power to change the company’s name) will be taken by which ONE of the following?
Major decisions affecting the company (such as the power to remove a director and the power to change the company’s name) will be taken by which ONE of the following?
Which of the following correctly represents the documents that must be filed at Companies House when a company votes to amend its articles?
Which of the following correctly represents the documents that must be filed at Companies House when a company votes to amend its articles?
