Basics of Partnership Company

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Accounting

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Jayashree Rajendran

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Basics of Partnership Company


Froggy Jumps Basics of Partnership CompanyVersión en línea Accounting por Jayashree Rajendran 1 partnerships and LLCs are primarily governed a Ministry of Labour b Oman Commercial Companies Law c Ministry of Manpower 2 A commercial company is a a Contract b Treaty c Job 3 A commercial company consist of a Only one person b Only two person c Two or more person 4 Why a partnership might be more suitable than a joint stock company? a More Regulatory Compliance b Low Operational Costs c Not Suitable for Small to Medium Enterprises 5 If the assets of a partnership are not sufficient to pay its liabilities, creditors can claim to partners’ personal assets. it is called as a Unlimited Liability b Liability c Limited Liability 6 If some persons join hands to carry on some charitable activity, this type of company belongs to a None b Joint stock company c Partnership Company 7 The liability of one or more general partners is a Unlimited Liability b Limited Liability c Liability 8 The liability of one or more limited partners is a Unlimited liability b Limited Liability c Liability 9 A short-term business venture carried out jointly by two or more individuals, where profits and losses are shared according to a mutually agreed ratio, is known as a a Joint stock company b Joint venture c Joint trading 10 Limited liability company shall consist of a 2 person only b 2 or more than two c 2 to 50 person 11 The issued share capital of a public joint stock company is not less than a 500,000 b 3,000,000 c 2,000,000 12 The issued share capital of a closed joint stock company a 500,000 b 2,000,000 c 3,000,000 13 A holding company is: a A joint stock company exercising control over one or more companies through shareholding b A government-owned corporation c A company that deals exclusively in financial securities 14 For a company to become a subsidiary of a holding company, the holding company must own at least: a 25% of its shares b 51% of its shares c 33% of its shares 15 A One-Person Company (OPC) is: a A partnership between two individuals b A joint stock company with multiple shareholders c A limited liability company wholly owned by one natural or juristic person 16 Ahmed establishes "Ahmed Trading LLC," where he is the only owner and shareholder. This is an example of: a One-Person Company (OPC) b Partnership firm c Public limited company 17 A Partnership Deed is: a An agreement between partners outlining terms and conditions of their partnership b A document that records the financial statements of a partnership c A shareholding certificate issued to partners 18 Why is it advisable to have a written Partnership Deed? a To convert partnership into a company b To manage the economic relationship and avoid disputes c To increase profits automatically 19 Interest on Capital will be allowed to partners only if: a The partner demands it anytime b The firm has excess cash c The partnership deed allows it and there is profit 20 If a partner gives a loan to the firm, he is entitled to interest at: a 8% per annum b 5% per annum c 6% per annum

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Basics of Partnership Company

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Basics of Partnership CompanyVersión en línea

por Jayashree Rajendran

partnerships and LLCs are primarily governed

A commercial company is a

A commercial company consist of

Why a partnership might be more suitable than a joint stock company?

If the assets of a partnership are not sufficient to pay its liabilities, creditors can claim to partners’ personal assets. it is called as

If some persons join hands to carry on some charitable activity, this type of company belongs to

The liability of one or more general partners is

The liability of one or more limited partners is

A short-term business venture carried out jointly by two or more individuals, where profits and losses are shared according to a mutually agreed ratio, is known as a

Limited liability company shall consist of

The issued share capital of a public joint stock company is not less than

The issued share capital of a closed joint stock company

A holding company is:

For a company to become a subsidiary of a holding company, the holding company must own at least:

A One-Person Company (OPC) is:

Ahmed establishes "Ahmed Trading LLC," where he is the only owner and shareholder. This is an example of:

A Partnership Deed is:

Why is it advisable to have a written Partnership Deed?

Interest on Capital will be allowed to partners only if:

If a partner gives a loan to the firm, he is entitled to interest at: