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What type of company is a private limited company (ltd)?
What type of company is a private limited company (ltd)?
A public limited company does not allow its shares to be bought by the general public.
A public limited company does not allow its shares to be bought by the general public.
False
What is the primary role of a board of directors in a company?
What is the primary role of a board of directors in a company?
To manage the company and make important decisions.
The firm's 'birth document' is known as the ______.
The firm's 'birth document' is known as the ______.
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Match the following terms with their definitions:
Match the following terms with their definitions:
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What is the process of forming a company called?
What is the process of forming a company called?
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A limited company limits the liability of its shareholders.
A limited company limits the liability of its shareholders.
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What is a dividend?
What is a dividend?
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A _____ is a legal procedure for liquidating a business that cannot pay its debts.
A _____ is a legal procedure for liquidating a business that cannot pay its debts.
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Which of the following describes insider trading?
Which of the following describes insider trading?
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Assets refer only to money owned by a person or company.
Assets refer only to money owned by a person or company.
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What document outlines the rules governing a company's internal organization?
What document outlines the rules governing a company's internal organization?
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A _____ is an item of property that has value and can be used to meet debts.
A _____ is an item of property that has value and can be used to meet debts.
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What term describes a contractor who responds to an invitation to propose?
What term describes a contractor who responds to an invitation to propose?
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What is the purpose of a 'power of attorney'?
What is the purpose of a 'power of attorney'?
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A sole trader has limited liability for business debts.
A sole trader has limited liability for business debts.
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What is the primary function of the articles of association?
What is the primary function of the articles of association?
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A ___________ is a company that is formed to pursue specific business purposes and has limitations on financial liability.
A ___________ is a company that is formed to pursue specific business purposes and has limitations on financial liability.
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Which of the following is an example of a corporate tax?
Which of the following is an example of a corporate tax?
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A hostile takeover occurs when a company is acquired against the wishes of its management.
A hostile takeover occurs when a company is acquired against the wishes of its management.
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What is meant by 'best efforts' in the context of securing funds?
What is meant by 'best efforts' in the context of securing funds?
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In the UK, the foundational legal document for a corporation is called __________.
In the UK, the foundational legal document for a corporation is called __________.
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What does 'insider dealing' refer to?
What does 'insider dealing' refer to?
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Commercial companies are defined as businesses organized for profit.
Commercial companies are defined as businesses organized for profit.
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What term describes the total rights and obligations of a corporation?
What term describes the total rights and obligations of a corporation?
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To __________ a resolution means to officially approve a proposal in a meeting.
To __________ a resolution means to officially approve a proposal in a meeting.
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What is a debenture?
What is a debenture?
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A merger results in the transfer of control from one company to another.
A merger results in the transfer of control from one company to another.
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What is the primary characteristic of a cooperative?
What is the primary characteristic of a cooperative?
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A _____ is a company that is owned by another company.
A _____ is a company that is owned by another company.
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What distinguishes a company from a partnership?
What distinguishes a company from a partnership?
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In a partnership, partners are not personally liable for the business's debts.
In a partnership, partners are not personally liable for the business's debts.
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What is meant by 'profit'?
What is meant by 'profit'?
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An _____ is the act of gaining possession of something, often relating to purchasing another company.
An _____ is the act of gaining possession of something, often relating to purchasing another company.
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Who is liable for debts in a cooperative?
Who is liable for debts in a cooperative?
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Which term describes the legal responsibility of a manufacturer for damage caused by a defective product?
Which term describes the legal responsibility of a manufacturer for damage caused by a defective product?
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The term 'time is of the essence' means that the parties must fulfill their obligations on time.
The term 'time is of the essence' means that the parties must fulfill their obligations on time.
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What is the term used to indicate goods that are generally acceptable in quality?
What is the term used to indicate goods that are generally acceptable in quality?
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A __________ is a repayment of a sum of money.
A __________ is a repayment of a sum of money.
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Match the following terms to their meanings:
Match the following terms to their meanings:
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What must occur before the seller's right to sell the goods is valid?
What must occur before the seller's right to sell the goods is valid?
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Breach of warranty allows the injured party to seek damages.
Breach of warranty allows the injured party to seek damages.
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What is the proximate cause in legal terms?
What is the proximate cause in legal terms?
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Which of the following is a reason for terminating a company?
Which of the following is a reason for terminating a company?
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A sole trader must have at least one partner in their business.
A sole trader must have at least one partner in their business.
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What are the primary purposes of tax havens?
What are the primary purposes of tax havens?
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A __________ is a statement made under oath that can be used as evidence in court.
A __________ is a statement made under oath that can be used as evidence in court.
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Match the following legal terms with their definitions:
Match the following legal terms with their definitions:
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What does a 'contingency fee' refer to?
What does a 'contingency fee' refer to?
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An arbitration process includes multiple appeals options.
An arbitration process includes multiple appeals options.
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What does 'garnishment' involve in legal terms?
What does 'garnishment' involve in legal terms?
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When a company is deemed illegal, such as for __________ activities, it may face involuntary termination.
When a company is deemed illegal, such as for __________ activities, it may face involuntary termination.
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Match the following terms related to 'sale of goods':
Match the following terms related to 'sale of goods':
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Which term describes a legal document that informs a party they must appear in court?
Which term describes a legal document that informs a party they must appear in court?
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In a civil lawsuit, the plaintiff is also known as the claimant.
In a civil lawsuit, the plaintiff is also known as the claimant.
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What is the purpose of consumer protection law?
What is the purpose of consumer protection law?
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To __________ a document means to officially record it, especially in a court of law.
To __________ a document means to officially record it, especially in a court of law.
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Study Notes
Summary of Vocabulary and Definitions for Law Students
-
General Business Terminology:
- Act of business corporations: Law governing business corporations
- Acquiring: Obtaining something
- Articles of Association/Incorporation: Rules governing a company
- Assets and Liabilities: Company's resources and obligations
- Bankruptcy: State of being unable to pay debts
- Bidder: Person making an offer in auction
- Board Meeting: Meeting of the board of directors
- Board of Directors: Governing body of a corporation
- Business Corporation: Type of business organization
- Capital Companies: Companies with capital investment
- Ceasing to exist: To no longer exist
- Certificate of Incorporation: Document registering a company
- Commercial Companies: Businesses involved in trade
- Commercial Code: Legislation governing trade
- Company: Business entity
- Confidential Information: Sensitive data
- Cooperatives: Businesses owned by members
- Corporation: Legal entity separate from its owners
- Corporate Tax / Income Tax: Tax on corporate earnings
- Companies House/Register/Register of Companies/Commercial Register: Body that maintains records of companies
- Debt: Amount owed
- Debentures/Bonds: Loan agreements
- Dissolution/Termination: Ending a business entity
- EEIG (European Economic Interest Grouping): Type of business grouping
- EGM (extra-ordinary general meeting): Special shareholder meeting
- European Company: Specific type of European company
- To engage in: To participate in
- General Meeting: Meeting of shareholders
- Hostile Takeover: Unwelcomed acquisition of control
- Insolvency: Inability to meet financial obligations
- Lender: Person or entity providing a loan
- Liquidation: Process of winding down a business
- Loan: Amount borrowed
- Loss: Financial detriment
- Lure: To entice
- M&A (merger and acquisition): Merging or acquiring companies
- Memorandum of Association: Founding document(UK)
- Natural Person: Individual
- Offspring: Children
- Parent/Holding Company: Owning company
- Personal Companies: Companies owned by individuals
- Power of Attorney: Legal authorization to act on behalf of someone
- Profit: Financial gain
- Requirement: Stipulation
- Share: Portion of ownership in a company
- Shareholder/Stockholder/Investor: Owner of shares
- Sole Trader/Sole Proprietor: Individual business owner
- Stockbroker: Person who deals with stocks
- Stock Exchange: Market for trading securities
- Subject to: Dependent on
- Subsidiary: Company controlled by another company
- Supervisory Board: Board overseeing company management
- Tax/Tax Haven: Government revenue / place minimizing taxes
- Takeover: Acquiring control of a company
- To be liable for: Being accountable for
- To cease: To stop
- To expunge/remove: Delete
- To pass a resolution: To approve a decision
-
Civil Procedure Terminology:
- Acknowledgement of service: Confirmation of receiving legal documents
- Admissible: Acceptable in court
- Affidavit: Sworn statement
- Allegation: Statement without proof
- Appeal: Seeking review of a decision
- Appellate Court: Court reviewing lower court decisions
- Approach: Way of dealing with something
- Arise: To occur
- Arbitration: Dispute resolution outside court
- Arbitrator: Person resolving disputes
- Assertion: Statement (a claim)
- Attachment order: Order for wage seizure
- Award Damages: Order for payment of damages
- Burden of proof: Responsibility to provide evidence
- Cause of action: Basis for a lawsuit
- Claimant/Plaintiff: Person initiating legal action
- Clerk: Court official
- Closing statement: Final remarks in a trial
- Commencement: Beginning
- Complaint: Legal document initiating a lawsuit
- to conclude: To finalize
- Composition: Structure
- Contempt of court: Defiance of a Court's authority
- Contingency fee: Percentage-based lawyer payment
- Counsel: Legal advisor
- Counterclaim: A claim filed in response to an initial claim
- Cross-examination: Legal questioning of witnesses
- Defendant: Person against whom legal action is taken
- Defense/Answer: Response to a lawsuit
- Dismiss the appeal: Rejecting a legal appeal
- Disobeying the court: Non-compliance with court orders
- Enforcement Judgement: Action to enforce a court ruling
- Evidence: Proof in court
- Examination: Questioning
- Fee: Payment
- to file a complaint: lodge a formal complaint
- File an answer: Submit a response to a complaint
- File an appeal: Seeking review of a lower court decision
- Hearsay evidence: Evidence based on someone else's statement
- Inquisitorial: Characterized by questioning rather than presenting evidence
- Inadmissible hearsay: Evidence not acceptable in court
- Judgment/Ruling/Holding: Court decision
- Legal costs: Expenses involved in a legal case
- Legal proceeding: Legal process
- Litigant: Party involved in a legal case
- Litigation: Legal dispute
- Mediation: Dispute resolution with a neutral party
- Mediator: Intermediate party resolving disputes
- Motion: Request to a court for action
- Negotiation: Discussions between parties
- Notice: Written information
- Opening statement: Initial comments in a trial
- Persuading: Influencing
- Pleadings: Legal documents in a lawsuit
- To present evidence: Provide evidence
- To prolong: To extend the duration of
- To reach a settlement: To agree on a resolution
- Remedies: Means of correcting an issue
- Reply: Response to opposing arguments
- Related to the claim: Pertaining to the subject of a claim
- Reverse the order: To alter a court's order
- Rules either for or against the plaintiff: decisions regarding who wins the case
- Seizure of goods: Confiscation of property
- Statement: Declaration
- Summons: Official invitation to appear in court
- To adjudicate: To judge
- To appear in court: To go to court
- To award damages: To order payment of compensation
- To be reluctant to comply: To be hesitant to obey
- To conclude (a contract): To finalize an agreement
- To dismiss: Reject
- To encourage: Support
- To execute: To carry out
- To fail to obey: Disregard a order
- To file a complaint: submit a formal complaint
- To give evidence: To provide evidence
- To issue a summons: To officially invite someone to court
- To reach a settlement: Agree on a resolution
- To reverse the ruling: To reverse a court decision
- To serve a document on someone: To deliver a legal document
- To submit a document to an authority: To file a document with a governing body
- To win a case by default: Successfully win a court case without a formal hearing
- Witness: Person who provides testimony
-
Sale of Goods Terminology:
- Aggrieved/Injured/Harmed party: Person harmed
- Alleged: Suggested
- Claim: Demand
- Cautious: Careful
- Consumer: Purchaser
- Consumer Protection Law: Law safeguarding consumers
- Contractual terms: Agreement details
- Counterpart: Opposite party
- Customer: Buyer
- Deceive: Trick
- Defamation: False accusations
- Disclaimer: Denial of responsibility
- Purchaser/Buyer/Vendee: Buyer
- Refund: Money back
- Repair: Fixing
- Satisfactory quality: Acceptable quality
- Statute of limitation: Time limit on claims
- Statutory provision: Law
- Strict liability: Absolute responsibility
- Supplier: Provider
- Title to the goods: Ownership
- Trade-off: Compromise
- To be entitled to a refund: To be eligible for a refund
- To be subject to statutory provisions: To be bound by law
- To breach the terms: To violate the terms
-
Family Law Terminology:
- Adultery: Extramarital sexual relations
- Alimony: Financial support for a former spouse
- Ancestors: Forefathers
- Annulment/Nullification: Cancellation of a marriage
- Arrangement: Organization
- Bigamy: Marrying more than one person at a time
- Birth certificate: Document showing date of birth
- Blood relation: Kinship based on blood
- Child custody: Right to care for a child
- Cohabitation: Living together in a relationship
- Commitment: Obligation
- Community property: Joint possession by spouses
- Conclude/Enter into/Solemnized: Completed a marriage
- Consummation of marriage: Full completion of marriage
- Death certificate: Important document proving death
- Deceased spouse: Deceased partner
- Declare: Officially state
- Decree of Annulment: Court order canceling a marriage
- Dependents: People relying on another for support
- Descendants: Offspring
- Desertion: Abandonment
- Divorce: Ending a marriage
- Dissolve: To end a bond
- Divorce proceedings: Court process regarding divorce
- Domestic violence: Abuse in the home
- Duty of maintenance: Obligation to support
- Enter into marriage: To marry
- Entrust: To place faith in
- Error: Mistake
- Fault divorce/Contested divorce: Grounds based on one party's fault
- Fiancé: Partner before marriage
- Financial contribution: Money given by a partner
- Fully-fledged marriage: Legally viable marriage
- Grounds (reasons): Justification for a lawsuit
- Heirs: People entitled to inherit
- Honor the marriage vows: To uphold vows of marriage
- Illegitimate children: Children born out of wedlock
- Impediment: Obstacle
- Incapable: Unable
- Invalidity: Lack of legality
- Invalid/null and void: Without legal standing
- Irreconcilable differences: Unresolvable disagreements
- Irretrievable breakdown of marriage: Irreversible marital issues
- Joint custody: Shared care of a child
- Legitimate: Lawful
- Maintenance payments: payments for keeping up a good life
- Marital status: Legal standing regarding marital status
- Matrimonial home: Place of the marriage
- Marriage disputes: Conflicts related to marriage
- Misrepresentation: False claims
- Misconduct: Poor conduct
- Minors: People under the age of majority
- No fault divorce/uncontested divorce: A divorce without accusations by either party
- Nullification of marriage: Cancellation of a marriage
- Office of Vital Records: Registration of births/deaths etc
- Petitioner: Person starting a legal process
- Pre-nuptial agreement: Agreement before marriage
- Prohibited relationships: Forbidden relationships
- Reconciliation: Reuniting
- Respondent: Person responding to legal action
- Restoration: Return to original status
- Separate property: Individual property (not shared)
- Sole custody: Complete custody of a child
- Spouse: Partner
- Split custody: Physical custody split between parents
- Threatened marriage: Marriage subject to legal challenges
- To acquire property: To gain ownership
- To commit adultery: To cheat on a partner
- To obtain: To acquire
- To conceive children: To give birth
- To cohabit: Live together
- To conceal his/her true identity: Hide identity
- To file a petition: Formally request
- To get engaged: Become engaged
- To get married: Marry
- To honor marriage vows: Keep promises of marriage
- To raise children: To support and bring up children
- Unreasonable behavior: Unjustified act damaging a relationship
- Valid: Legal
- Visitation rights: Rights to visit a child
- Void: Without legal force
- Widowed: Status of being a widow/widower
- Child custody: Right or legal responsibility for the care of a child
- Misconduct: Wrongdoing
- No-fault divorce / uncontested divorce: Divorce by mutual agreement
-
Other Key Terms:
- Civil action/procedure: Legal action between two individuals or entities
- Civil wrong: Legal violation damaging someone
- Claimant/Plaintiff: Initial party in a civil lawsuit
- Criminal action/prosecution: Official action against a criminal defendant
- Criminal wrong: Crime
- Defendant: Person being sued
- Implied terms and conditions: Unwritten terms of an agreement
- Implied terms/conditions: Unwritten terms assumed in an agreement
- Liability: Responsibility
- Merchantability: Suitability of goods for sale
- Memorandum of association: Document outlining the company
- Product liability: Responsibility for defective goods
- Proximate cause: Direct cause of an event
- Refund: Return of money
- Seller: Person or entity selling something
- Statute-barred: Too late for legal action because of time limits
- Statute of limitation: Period within which legal action can be taken
- Terms: Conditions or requirements
- Transferring the title: Process of changing ownership of something
- Threat (duress): Coercive force
- Warranty/guarantee: Assurance about product quality.
- Witness: Person who testifies
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Description
Test your knowledge on the key concepts of private limited companies and their operations. This quiz covers essential terms, roles, and processes involved in the formation and management of limited companies. Challenge yourself with questions on dividends, insider trading, and company documents.
