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WorksheetsBUSINESS ORGANIZATION PRACTICE
Total questions: 40
Worksheet time: 30mins
Types of Business Vehicle, EXCEPT :
Company
Domestic agreement
Partnership
Sole proprietor
No separate legal existence between the business and the person who conduct the business
Injunction mareva
Corporation
Enterprise
Partnership
Sole proprietorship is personally liable for the profit and loss
True
False
Legal action must be brought under the partner’s name
Mareva
Sole proprietor
Company
Partnership
_______ have separate legal entity
Company
Sole proprietor
Limited liability partnership
Partnership
______ is governed under Limited Liability Partnership Act 2012
Partnership
Company
Limited Liability Partnership
Sole proprietor
Ali and Abu decided to operate a business of satay called Sate Kajang Aliboo together. This is sole proprietorship
True
False
Maximum number of members for Private Company is _____
50
51
52
55
For a company, the responsibility for management of business is on
Board of directors
Managers
Partners
The accountant
Number of shareholders for a public company is ____
Min : 5 , Max 100
Min : 2 , Max : Unlimited
Min : Unlimited , Max : Unlimited
Min : 20 , Max : 50
A company can sue or be sued in its own name, holds its own property and is liable of the debts it incurred. This is ___
Own contribution
Skill and profit
Sole proprietorship
Separate Legal Entity
Sole proprietorship cannot transfer his business to someone else
True
False
Which one is a company?
Syarikat Cempaka Sdn Bhd
Tetuan Ali & Fariz
Kedai buah Ah Chong
Azlan Enterprise
For partnership, dissolution can be by agreement between the parties
True
False
_______ is an owner of shares in a company.
Unlimited liability
Personal asset
Shareholders
Capital
Partnership is the relation which subsist between persons carrying on business in common with a view of profit according to ______ Partnership Act 1961
Section 3(1)
Section 3(2)
Section 3(3)
Section 3(4)
Elements of Partnership, EXCEPT :
With a view of profit
Relation which subsist between persons
Personal liability of individual
Carrying on business in common
In the case of Horgan v Murray.........
Plaintiff's claim is struck out
Plaintiff never knew of the Defendant's existence
Plaintiff and Defendant had not agreed initially to start partnership
The word "business" had been defined under section ___ of Partnership Act 1961
1
2
3
4
According to Section ______ Companies Act 2016, number of partners is unlimited for professional firm
10
11
12
13
______ is the main objective of having a partnership business
Profit
Loss
Not feeling alone
Skill
Net profit is the net amount remaining after paying out the expenses of the business.
True
False
Sharing of gross return creates a partnership
True
False
In _________ 3 parties orally agreed to form a partnership to engage in buying & selling cattle.
Gulazam v Norazman & Sobath
Badeley v Consolidated Bank
Ratna Amal v Tan Chow Soo
Timothy v Subramaniam
Dissolution of partnership cannot be made without Court's order
True
False
Partnership can be dissolved if the fixed term for the partnership expires
True
False
In _________, practicing certificate of a partner of a legal firm had lapsed
Thomas v Frere
R v Kupfer
Hudgell Yeates & Co. v Watson
Lincoln v R Rajasamy
Landmark case for Separate Legal Entity!!
R v Taylor
Bradley Cooper v Mathhew
Salomon v Salomon & Co. Ltd
Arthur v Lewis Thomas
Proper Plaintiff Rule is when ____
A mother company may sue on behalf of its subsidiary
The company breach contract then the company should be sued, not members
Company has power to own a land
Plaintiff and Defendant cannot be of the same office members
A company can contract with its participants, according to the case of Lee v Lee's Air Farming Ltd
True
False
Partnership is not a separate legal entity
True
False
Legal proceeding for partnership is brought in the name of partners collectively
True
False
The aim was for professionals ie lawyers, accountants and company secretaries to use this vehicle for practice
Limited liability partnership
Partnership
Company
Sole Proprietorship
Partnership is a relationship between two persons or more
True
False
Once the company is incorporated, it becomes a separate individual person from the person who incorporated it.
True
False
Half true
A company is immuned and cannot be sued in its own name
True
False
Contractual liability for a company must be beared by the office members
True
False
Zakiah wants to start a business of selling shawl on her own. This is _____
Company
Sole proprietorship
Limited liability partnership
Partnership
The difference between Limited Liability Partnership and General Partnership lies on the liability of partners
True
False
Which statement is true about Partnership?
One person carrying on business with a view of profit
No need to register the business under ROBA 1956
May be formed orally only
Partners may withdraw capital but their liabilities for the firm's debts to its creditors is unlimited
