TRUE

FALSE

If the other partners agree to waive their liability

If the creditor discharges them from liability

If the retiring partner informs the creditors of their retirement

Retiring partners will be automatically released from his liability for debts of the partnership.

There must be an association of persons carrying on business with a view of profit

It must be carried on by two or more partners

There must be written partnership agreement

The business must not necessarily be managed by all the partners

The responsibility of the shareholders for the debts of a company is limited to the value of their personal wealth

The responsibility of the shareholders for the debts of a company is limited to the number of debentures they hold in the company

The responsibility of the shareholders for the debts of a company is limited to the amount they agreed to pay for the shares when they bought them

All shareholders are equally responsible for all the debts of the company

The costs of a new project can be split between the companies involved.

Manufacturing costs will be divided between the firms in the venture.

Joint ventures between firms in different countries can create new market opportunities.

Management of the joint venture will never lead to disagreements.

LLP is regarded in law as a legal person.

LLP has limited capacity.

LLP can have an unlimited number of partners.

LLP is the hybrid version of partnership and unlimited company