Quiz 1 Company law

Which statement is true about a company?

• It is a separate legal entity

• It has limited liability

• It has a common seal

• All of These

Which statement is not true about partnership?

• Registration of Partnership is not compulsory about partnership.

• Partnership firm has no independent existence from its members.

• Each partner is liable to unlimited extent for the debt of the firm.

• Partner can transfer his share without the consent of other partners

East India company is a ___________ Company.

• Registered Company

• Statutory Company

• Chartered Company

• None of These

What is the maximum number of members a private company can have?

• 100

• 300

• 200

• 400

What is the primary purpose of a memorandum of association?

• To provide details about the company's financial statements

• To outline the company's internal rules

• To define the company's relationship with its shareholders

• To state the company's objectives and scope of activities

Which of the following is a characteristic of a limited liability partnership (LLP)?

• It cannot own property

• Partners have unlimited liability

• It is a separate legal entity

• All partners must be individuals

When the protection of separate entity is taken away?

• When the notion of legal entity is used to defeat public convenience.

• When the notion of legal entity is used to justify wrong.

• When the notion of legal entity is used to protect fraud

• All of These

What is the primary difference between a private company and a public company?

• Private companies are always smaller than public companies

• Public companies cannot have shareholders

• Public companies have more regulatory requirements

• Private companies can issue shares to the public

What is the role of a company secretary?

• To represent the company in legal matters

• To manage the company's finances

• To oversee the company's marketing strategies

• To ensure compliance with legal requirements

What is a function of promoter?

• Deciding a company's name

• Nominates directors, solicitors, bankers

• Settle details of Memorandum of Association

• All of These