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Questions and Answers
True or false: A company is formed by two or more persons who agree to contribute property or service intentionally to share profits or losses of the project?
True or false: A company is formed by two or more persons who agree to contribute property or service intentionally to share profits or losses of the project?
True (A)
True or false: A company is a contract that involves only one person contributing property or service?
True or false: A company is a contract that involves only one person contributing property or service?
False (B)
True or false: A company is formed by individuals who intend to jointly undertake a venture of pecuniary nature?
True or false: A company is formed by individuals who intend to jointly undertake a venture of pecuniary nature?
True (A)
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Study Notes
Characteristics of a Company
- A company is formed by two or more persons who come together to undertake a venture
- The venture is of a pecuniary nature, meaning it involves financial transactions
- The persons involved contribute to the venture by providing property or service
- The contributions are made intentionally to share profits or losses of the project
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