BGS Week 1

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?

Corporation (C) 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?

Marketing co-operative (C) Signup and view all the answers

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

Supply co-operative (A) 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?

Workers co-operative (D) Signup and view all the answers

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

Pooling resources for marketing (C) Signup and view all the answers

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

Facilitating operations of other organizations (B) Signup and view all the answers

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

Unlimited liability company (B) Signup and view all the answers

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

Must limit its members to not more than 50 (B) Signup and view all the answers

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

Company limited by guarantee (D) 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)?

Tax treatment (B) Signup and view all the answers

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

Co-operative (C) Signup and view all the answers

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

To facilitate business and contractual agreements (D) Signup and view all the answers

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

To have limited liability (D) Signup and view all the answers

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

Limited liability companies have limited liability, while unlimited liability companies have unlimited liability (B) Signup and view all the answers

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

Cases of fraud or where the company is a sham or façade (D) Signup and view all the answers

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

To comply with government regulations (D) Signup and view all the answers

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

The sole proprietor owns all the assets of the sole proprietorship. (B) Signup and view all the answers

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

20 (B) Signup and view all the answers

Which of the following statements about general partnerships is true?

The regulations governing general partnerships are relatively more than those governing sole proprietorships. (C) Signup and view all the answers

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

A general partnership has unlimited liability, while a limited partnership has limited liability. (A) Signup and view all the answers

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

General partnerships can have unlimited liability for the partners. (B) Signup and view all the answers

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

A general partner has unlimited liability, while a limited partner has limited liability. (D) Signup and view all the answers

What is a master limited partnership?

A master limited partnership is a partnership that is publicly traded and listed on a national securities exchange. (B) Signup and view all the answers

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

In a limited liability partnership, partners have limited liability for the obligations of the partnership. (C) Signup and view all the answers

What is a company in legal terms?

A company is considered distinct from its shareholders. (D) Signup and view all the answers