LAW2053: Trial Short Essay S1 2024/2025

What is the most complicated form of business entity? State 2 reasons.       (3 marks)

Briefly explain the liability of a partner towards business obligations or debts. Briefly explain your reason   (3 marks)

State the minimum and maximum number of Sole trader, Ordinary Partnership and Limited Liability Partnership          

(3 marks)

Determine the company continuity if all the members of a company have died. State your reason.

(3 marks)

To what extent an owner of a sole proprietorship business has the right to manage the business?

(3 marks)

Identify the borrowing power of a company.   

(3 marks)

State three (3) advantages of running sole proprietorship (3 marks)

To what extent a partner has the right to transfer his status as a partner to someone else?    

(3 marks)

State the general definition of partnership as provided under section 3(1) of Partnership Act 1961.

(3 marks)

Briefly state three (3) circumstances pointed out under section 4(c) of Partnership Act 1961, where the sharing of profits does not make the person receiving profits of the partnership business as a partner to the business.       

(3 marks)