CBL-JJ24

Which of the following statements is TRUE about a general partnership? 

• A general partnership is created any time by one or more persons associated to carry on a business as co-owners to share profits and control. 

• Each partner may contribute to the general partnership in cash, or in kind only. 

• Decisions are typically made by majority vote. However, certain critical determinations, i.e., amendment to a partnership agreement, necessitate unanimous agreement from all general partners. 

• General partners are entitled to wages for employment in the general partnership business 

Which of the following statements is TRUE about “joint and several liability” in a general partnership? 

• General partners are only liable for the debts they personally incur 

• General partners share the total debt but are not responsible for each other's portion 

• The partnership, as a separate entity, is solely liable for debts 

• Each general partner is fully liable for all the partnership's debts, even if they didn't contribute equally 

A general partnership that has acquired legal personality shall be deemed to be of Khmer nationality only if: 

(i) The general partnership has a place of business and a registered office located in Cambodia.

(ii) More than 50% of the record ownership interest in such general partnership is held by natural persons of Khmer nationality.

(iii) At least 51% of the record ownership interest in such general partnership is held by legal persons of Khmer nationality.

(iv) At least 51% of the record ownership interest in such general partnership is held by natural or legal persons of Khmer nationality. 

• (i) only 

• Both (i) and (ii) 

• Both (i) and (iii)

• Both (i) and (iv) 

The liability of a limited partner in a limited partnership is limited by which of the following? 

• The amount of the general partner’s investment in the business. 

• The amount of the limited partner’s investment in the business. 

• The extent to which the limited partner manages the business 

• The extent of personal assets owned by the limited partner 

LUCKY-YOU LP, a limited partnership, owes US$82,000 to a creditor. Mr. LUCKY, a limited partner, invested US$30,000. What is the maximum liability of Mr. LUCKY? 

• US$30,000 

• US$52,000 

• US$82,000 

• US$32,000 

The name of a limited partnership shall include identification word “Limited Partnership” or “LP”, which shall be placed: 

• At the beginning or end of the limited partnership’s name 

• At the beginning or under the limited partnership’s name 

• At the end of or above the limited partnership’s name 

• At the end of or under the limited partnership’s name 

Which of the following is a key characteristic of a limited liability company? 

• Unlimited liability for its members 

• Limited liability for its members 

• No separation between the company and its members 

• All of the above 

The Certificate of Incorporation (COI) issued by the Ministry of Commerce certifies the due registration of the limited liability company and contains certain information. Which of the following information is NOT typically found on the COI? 

• Name of the limited liability company 

• Registration number 

• Registered capital 

• Type of business entity registered 

Under the Labor Law, which of the following statements is correct relating to Unfixed Duration Contract or Unspecified Duration Contract (“UDC")? 

• UDC is an employment contract that can be made verbally or in writing without end date and with or without a clear starting date. 

• UDC is a contract that is made for the employer to judge the suitability of the employee 

• UDC is an employment contract that must be made in writing and precisely stated as an unspecified duration inside the contract. 

• A and C above 

Under the Labor Law, which of the following statements is incorrect relating to Seniority Indemnity (Seniority Payment)? 

• Seniority Indemnity applies to only employees under Unfixed Duration Contract. 

• Seniority Indemnity shall be paid to the employee in the amount of 5% of the employee’s monthly wage 

• Seniority Indemnity has replaced the term ‘Indemnity for Dismissal 

• None of the above