BGS Week 1
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Questions and Answers

Which of the following is the most basic business form in Singapore?

  • Corporation
  • Partnership
  • Sole Proprietorship (correct)
  • Limited Liability Company

    • What is the main difference between a natural person and a legal person in the context of business forms?

  • Natural persons can own corporations, while legal persons cannot.
  • Natural persons have limited liability, while legal persons have unlimited liability.
  • Natural persons are individuals, while legal persons are organizations. (correct)
  • Natural persons have fewer legal rights compared to legal persons.

    • Which of the following statements is true about business forms?

  • Business forms do not affect the behavior of owners and managers.
  • Non-business forms have a larger impact on society compared to business forms.
  • Business forms have no impact on society.
  • The diversity in business forms is due to the varied purposes they serve. (correct)

    • Which type of business form has had a larger impact on society compared to other forms?

    <p>Corporation</p> Signup and view all the answers

    Which type of co-operative is formed by a group of farmers to sell their produce in the market?

    <p>Marketing co-operative</p> Signup and view all the answers

    Which type of co-operative is formed by a group of farmers to source equipment from suppliers?

    <p>Supply co-operative</p> Signup and view all the answers

    Which type of co-operative is formed by a group of workers to manufacture and provide goods and services?

    <p>Workers co-operative</p> Signup and view all the answers

    What is one benefit of forming a co-operative for farmers?

    <p>Pooling resources for marketing</p> Signup and view all the answers

    What is one way a co-operative society can promote the interests of both members and non-members?

    <p>Facilitating operations of other organizations</p> Signup and view all the answers

    Which type of company is exempted from filing its accounts under Irish law?

    <p>Unlimited liability company</p> Signup and view all the answers

    Under Singapore law, what are the requirements for a private company?

    <p>Must limit its members to not more than 50</p> Signup and view all the answers

    Which type of company is usually used for charitable, scientific, religious, or artistic purposes?

    <p>Company limited by guarantee</p> Signup and view all the answers

    What is the main difference between a Singapore limited liability company and a United States limited liability company (LLC)?

    <p>Tax treatment</p> Signup and view all the answers

    What type of company is a co-operative or co-operative society?

    <p>Co-operative</p> Signup and view all the answers

    Which one of the following is a purpose of a company?

    <p>To facilitate business and contractual agreements</p> Signup and view all the answers

    What is the main reason why businessmen prefer to conduct business in the form of limited liability companies?

    <p>To have limited liability</p> Signup and view all the answers

    What is the difference between a limited liability company and an unlimited liability company?

    <p>Limited liability companies have limited liability, while unlimited liability companies have unlimited liability</p> Signup and view all the answers

    What is an exception to the limited liability of the members of a limited liability company?

    <p>Cases of fraud or where the company is a sham or façade</p> Signup and view all the answers

    What is the purpose of forming a company under enabling laws such as the Companies Act?

    <p>To comply with government regulations</p> Signup and view all the answers

    Which one of the following statements about sole proprietorships is correct?

    <p>The sole proprietor owns all the assets of the sole proprietorship.</p> Signup and view all the answers

    What is the maximum number of partners allowed in a general partnership in Singapore?

    <p>20</p> Signup and view all the answers

    Which of the following statements about general partnerships is true?

    <p>The regulations governing general partnerships are relatively more than those governing sole proprietorships.</p> Signup and view all the answers

    What is the main difference between a general partnership and a limited partnership?

    <p>A general partnership has unlimited liability, while a limited partnership has limited liability.</p> Signup and view all the answers

    Which one of the following statements about general partnerships is true?

    <p>General partnerships can have unlimited liability for the partners.</p> Signup and view all the answers

    What is the main difference between a general partner and a limited partner in a limited partnership?

    <p>A general partner has unlimited liability, while a limited partner has limited liability.</p> Signup and view all the answers

    What is a master limited partnership?

    <p>A master limited partnership is a partnership that is publicly traded and listed on a national securities exchange.</p> Signup and view all the answers

    What is the main advantage of a limited liability partnership compared to a partnership?

    <p>In a limited liability partnership, partners have limited liability for the obligations of the partnership.</p> Signup and view all the answers

    What is a company in legal terms?

    <p>A company is considered distinct from its shareholders.</p> Signup and view all the answers

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