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What is the name of the document which contains the internal rules that the company and shareholders must follow?
What is the name of the document which contains the internal rules that the company and shareholders must follow?
Articles of Association
What is the maximum total value of shares that can be issued by a company?
What is the maximum total value of shares that can be issued by a company?
Authorized share capital
What is the document that certifies ownership of a specific number of shares of stock in a corporation?
What is the document that certifies ownership of a specific number of shares of stock in a corporation?
Share certificate
What is the document which contains the essential information about the company?
What is the document which contains the essential information about the company?
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What is the fixed value placed on a share's certificate?
What is the fixed value placed on a share's certificate?
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What is the purpose of the company?
What is the purpose of the company?
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What is the empty company which is set up and ready to trade?
What is the empty company which is set up and ready to trade?
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What is the name of the document that shows the income and expenses of the business?
What is the name of the document that shows the income and expenses of the business?
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What is the place where people will send all official letter and notices to?
What is the place where people will send all official letter and notices to?
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What is the name of the document that sets out in details the relationship between the business partners and their individual obligations and contributions to the partnership?
What is the name of the document that sets out in details the relationship between the business partners and their individual obligations and contributions to the partnership?
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What is the advance payment of a partner's share of profit?
What is the advance payment of a partner's share of profit?
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What is the financial statement that summarizes a company's assets and liabilities?
What is the financial statement that summarizes a company's assets and liabilities?
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What are things that you own and which have a financial value?
What are things that you own and which have a financial value?
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What are company's legal debts or obligations that arise during the course of business operations?
What are company's legal debts or obligations that arise during the course of business operations?
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What is the amount of income that you have to pay to the government in tax?
What is the amount of income that you have to pay to the government in tax?
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What is the business which has its own legal personality, i.e. is a legal entity?
What is the business which has its own legal personality, i.e. is a legal entity?
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Who are people or companies who own shares in the company?
Who are people or companies who own shares in the company?
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Who are the owners of the company?
Who are the owners of the company?
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What is the payment of the part of a company's profits to its shareholders?
What is the payment of the part of a company's profits to its shareholders?
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What is the value of the shares that the company has issued to shareholders?
What is the value of the shares that the company has issued to shareholders?
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What is a company with only one shareholder?
What is a company with only one shareholder?
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What is the tax form you sent to tax office every year?
What is the tax form you sent to tax office every year?
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What is the name of a document containing up-to-date information about a company?
What is the name of a document containing up-to-date information about a company?
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What is the name of the company owned by a person or a group of people who do not sell shares to the public; shareholders have limited liability?
What is the name of the company owned by a person or a group of people who do not sell shares to the public; shareholders have limited liability?
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What is the name of the company whose shares can be bought on the stock exchange; shareholders have limited liability?
What is the name of the company whose shares can be bought on the stock exchange; shareholders have limited liability?
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What is limited liability partnership?
What is limited liability partnership?
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What is the abbreviation which appears at the end of the name of public limited company?
What is the abbreviation which appears at the end of the name of public limited company?
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What is the abbreviation which appears at the end of the name of private limited company?
What is the abbreviation which appears at the end of the name of private limited company?
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What is the tax paid by limited companies on their profits?
What is the tax paid by limited companies on their profits?
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What is the financial market where you buy or sell company's shares?
What is the financial market where you buy or sell company's shares?
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What is the name of the business where partners have limited liability?
What is the name of the business where partners have limited liability?
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What is the nominal value?
What is the nominal value?
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What is the difference between market and nominal value?
What is the difference between market and nominal value?
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What is the financial responsibility with all personal assets?
What is the financial responsibility with all personal assets?
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What is the name of the document/form that some people must fill in to give information about how much they have earned in a year and what amount of tax they need to pay?
What is the name of the document/form that some people must fill in to give information about how much they have earned in a year and what amount of tax they need to pay?
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What is the official list of registered companies at Companies House?
What is the official list of registered companies at Companies House?
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What is the legal document/form that some people must fill in to give information about how much they have earned in a year and what amount of tax they need to pay?
What is the legal document/form that some people must fill in to give information about how much they have earned in a year and what amount of tax they need to pay?
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What is the (UK) institution where all limited companies in the UK must be registered; an official registry of companies?
What is the (UK) institution where all limited companies in the UK must be registered; an official registry of companies?
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What is the (UK) officer in charge of keeping the list of limited companies registered at the Companies House?
What is the (UK) officer in charge of keeping the list of limited companies registered at the Companies House?
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Study Notes
Business Law - Definitions
- Partnership Agreement/Partnership Deed: A written document detailing the relationship between business partners, outlining individual obligations and contributions.
- Drawings: Advance payment of a partner's share of profit.
- Balance Sheet: A financial statement summarizing a company's assets and liabilities.
- Assets: Possessions with financial value, such as houses, cars, or money.
- Liabilities: Company's debts or obligations arising from business operations.
- Income Tax: Amount of income a business entity pays to the government.
- Legal Personality: A company's capability of holding legal rights and duties, including entering contracts and being sued.
- Legal Entity: A company existing separately from its owners.
- Incorporated Business: A business with its own legal personality and identity.
- Members: Shareholders who own shares in a company.
- Shareholders: Owners of a company's shares.
- Share Certificate: Official document verifying share ownership.
- Share: A portion of ownership in a company.
- Sole Trader: An individual owning and managing an unregistered business.
- Partnership: An unincorporated business with two or more individuals combining assets and skills.
- Dividend: Payment of company profits to shareholders.
- Issued Share Capital: Total value of a company's issued shares.
- Single-Member Company: A company with one shareholder.
- Annual Tax Return: Tax form submitted yearly to the tax authority.
- Annual Return: Document containing updated company information.
- Private Limited Company: Company owned by individuals or a group, without public share sales; shareholders have limited liability
- Public Limited Company: Company whose shares are traded publicly on the stock exchange; shareholders have limited liability.
- LLP (Limited Liability Partnership): A partnership where each partner's liability is limited.
- PLC: Abbreviation signifying a public limited company.
- Ltd.: Abbreviation signifying a private limited company.
- Corporation Tax: Tax on company profits paid by limited businesses.
- Stock Exchange: Market for buying and selling company shares.
- Articles of Association: Document containing a company's internal rules and regulations.
- Authorized Share Capital: Maximum total value of shares a company can issue.
- Certificate of Incorporation: Document proving a company's legal existence.
- Deed of Partnership: Partnership agreement legally drafted by a notary public.
- Expenses: Daily business operational costs.
- Face Value: Nominal value of a share.
- Limited Liability Partnership: A business structure with limited partner liability.
- Memorandum of Association: Document detailing essential company information.
- Nominal Value: Fixed value assigned to a share certificate.
- Objects: Purpose of a company.
- Off-the-Shelf Company: Pre-formed company ready for trading.
- Par Value: Nominal value of company shares.
- Personal Assets: Possessions owned by an individual.
- Premium: Difference between market and nominal share value.
- Profit and Loss Account: Detailed record of company income and expenses.
- Registered Office: Location for official company documents.
- Self-Employed: Individual running an unregistered business.
- Share Capital: Total value of a company's shares.
- Statement of Liability: Declaration regarding shareholder responsibilities.
- Stockbrokers: Agents mediating stock buying and selling.
- Subscribers: Initial shareholders of a company.
- Unlimited Liability: Legal responsibility covering all personal assets.
- Tax Return/Annual Self-Assessment Form: Document for reporting income and tax obligations.
- Register of Companies: Formal record of all companies.
- Companies House: UK institution where companies are registered.
- Registrar of Companies: UK officer responsible for maintaining the company register.
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Description
Test your understanding of key business law terms with this quiz. Explore definitions such as partnership agreements, balance sheets, and legal entities. Perfect for students looking to strengthen their knowledge in business law.
