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Questions and Answers
What happens to the company if the manager is dismissed or retires?
What happens to the company if the manager is dismissed or retires?
Why does the dismissal or retirement of the manager not result in dissolution of the company?
Why does the dismissal or retirement of the manager not result in dissolution of the company?
What role does a partner play in the dissolution of a company?
What role does a partner play in the dissolution of a company?
What is a likely outcome for a company if it is composed primarily of partners?
What is a likely outcome for a company if it is composed primarily of partners?
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Which statement best describes the relationship between management and partnership in a company?
Which statement best describes the relationship between management and partnership in a company?
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What is one method to prove the fictitious transfer of ownership of shares?
What is one method to prove the fictitious transfer of ownership of shares?
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What can partners agree upon regarding the ownership of their shares?
What can partners agree upon regarding the ownership of their shares?
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What is the nature of liability for those who agree to be treated like limited partners in a partnership?
What is the nature of liability for those who agree to be treated like limited partners in a partnership?
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How are the shares considered among partners if they agree on common property?
How are the shares considered among partners if they agree on common property?
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What happens to the liability of someone who agrees to have liability similar to limited partners?
What happens to the liability of someone who agrees to have liability similar to limited partners?
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How does agreeing to limited partnership liability affect a person's financial responsibility?
How does agreeing to limited partnership liability affect a person's financial responsibility?
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Which statement about partners' agreement on shares is correct?
Which statement about partners' agreement on shares is correct?
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What provision applies when shares are considered common property among partners?
What provision applies when shares are considered common property among partners?
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Which statement best describes the consequence of having limited liability like that of a limited partner?
Which statement best describes the consequence of having limited liability like that of a limited partner?
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What is the condition for limiting liability to the extent of shares owned?
What is the condition for limiting liability to the extent of shares owned?
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What does the agreement between partners determine regarding responsibilities?
What does the agreement between partners determine regarding responsibilities?
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How is the management of the partnership determined?
How is the management of the partnership determined?
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What is a key element of the partnership agreement?
What is a key element of the partnership agreement?
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What relationship exists between the contract and a partner's actions?
What relationship exists between the contract and a partner's actions?
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Who is primarily responsible before a third party in a partnership?
Who is primarily responsible before a third party in a partnership?
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What term refers to the official address where a company is legally registered?
What term refers to the official address where a company is legally registered?
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Which term describes the process of a company dissolving its operations and distributing its assets?
Which term describes the process of a company dissolving its operations and distributing its assets?
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What is the term for the highest decision-making body of a company, where shareholders meet?
What is the term for the highest decision-making body of a company, where shareholders meet?
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Which option refers to a business arrangement where one party grants another the right to operate a business using its brand?
Which option refers to a business arrangement where one party grants another the right to operate a business using its brand?
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What is 'majority' in the context of decision-making within corporate governance?
What is 'majority' in the context of decision-making within corporate governance?
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Study Notes
Company Management and Liability
- The dismissal or retirement of a manager does not dissolve the company if they are not a partner
- Partners can agree to have limited liability similar to limited partners in a limited partnership
- Limited liability is restricted to the value of the shares owned in the company
- Shares can be transferred to partners through various forms of proof
- Partners can choose to have their shares considered as common property divided proportionally to share ownership
- The company is managed according to the agreement between the partners
Company Structure and Operations
- The company's operations are conducted according to the agreement between the partners
- The agreement can specify that individual partners handle specific activities on behalf of the company
- Partners are solely responsible for their actions and transactions with third parties
Company Terms
- domicile of the company: the place where the company is officially located
- Head office: primary location of the company's administrative operations
- Board of Directors: group responsible for overseeing the company's management
- General Assembly: gathering of all shareholders to discuss and vote on company matters
- Consensus: agreement reached by all parties involved
- Majority: more than half of the votes or members present
- Franchise: permission to use a company's trademark, brand, and business model
- Nationalization: process of a government taking control of a private company
- Merger by annexation: one company absorbs another company, the acquiring company retains its identity
- Merger by union: two companies merge into a new entity with a new name
- company's expiration: official end of the company's existence
- Liquidation of the company: process of winding down a company's operations and distributing its assets
- Liquidator: person appointed to manage the liquidation process
- The statute of limitations of Lawsuits: legal time limit within which legal action can be taken
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Description
Test your knowledge of company management and liability concepts. This quiz covers key aspects such as the roles of partners, limited liability, and management agreements. Understand the implications of these terms in a business context and how they affect company operations.
