Types of Borrowers Quiz

What is a business owned by an individual under a trade name or his own name in case of Professionals?

• Proprietorship

• Partnership firm

• Limited Liability Partnership

• OPC

What is the liability of a Partnership firm?

• Unlimited

• Limited

• Perpetual

• None

What is the key person in a Limited Liability Partnership?

• Proprietor

• Partners

• Designated Partners

• Shareholders

What is the maximum number of partners in a Limited Liability Partnership?

• 50

• Unlimited

• 200

• None

What is the definition of a Private Limited Company?

• A company that has only ONE PERSON as its member/share holder

• A legal entity where a GROUP of people come together to form a company

• A company with unlimited liability

• None of the above

What is the minimum number of shareholders required for a Public Limited Company?

• 1

• 2

• 7

• None

What is the liability of a Trust?

• Limited

• Unlimited

• Perpetual

• None

What is the key person in a Society/Club/Association?

• Karta

• Author/Trustees

• Chairman/President

• None

What is the definition of HUF?

• A joint family consisting of descendants of a Common ancestor

• A legal entity where a GROUP of people come together

• A company with limited liability

• None

What is the liability of a HUF?

• Limited

• Unlimited

• Perpetual

• None