WorksheetsBusiness Law Quiz
Total questions: 41
Worksheet time: 21mins
What is a limited liability company?
A company with unlimited liability
A company that is only for non-profit organizations
A company where owners are not personally liable for debts
A company that cannot conduct business
Which of the following is a characteristic of legal persons?
They are dependent on natural persons
They cannot enter into contracts
They are always non-profit
They have legal personality
What is the minimum share capital required to establish a limited liability company in Poland?
10,000 PLN
5,000 PLN
50,000 PLN
1,000 PLN
What type of liability do partners in a partnership have?
Unlimited liability
Only liability for debts incurred by the company
No liability
Limited liability
What is the role of the management board in a limited liability company?
To represent the company in court only
To manage the affairs of the company
To supervise the shareholders
To conduct audits of the company
Which of the following is NOT a legal person?
A partnership
A foundation
A limited liability company
A cooperative
What is the primary purpose of a limited liability company?
To serve as a charity
To limit the number of shareholders
To conduct an enterprise under its own name
To provide free services
What is the liability of shareholders in a limited liability company?
Liability only for company debts
No liability at all
Liability limited to their contributions
Unlimited liability
What is a characteristic feature of quasi-legal persons?
They are always non-profit
They cannot enter into contracts
They have limited legal capacity
They have full legal personality
What is the main difference between companies and partnerships?
Both have the same legal status
Companies are always larger than partnerships
Companies have legal personality, partnerships do not
Partnerships have legal personality, companies do not
What is the role of the supervisory board in a limited liability company?
To control and supervise the management board
To manage the company
To conduct the annual audit
To represent the company in court
What is the required number of partners to form a partnership?
Four
Three
Two
One
What is the term for the rights and obligations of shareholders in a company?
Assets
Contributions
Shares
Debts
What is the primary document required to establish a limited liability company?
A partnership agreement
A shareholder agreement
A company deed
A business plan
What is the maximum number of votes a privileged share can have?
Two
Four
Three
One
What is the main purpose of a shareholders' meeting?
To dissolve the company
To conduct audits
To hire employees
To set the direction for the company
What is the term for the distribution of profits to shareholders?
Revenue
Capital gain
Dividend
Interest
What is the legal status of a company in organization?
It has only legal subjectivity
It cannot enter into contracts
It is not recognized by law
It has full legal personality
What is the required form for contributions in a limited liability company?
Only cash
Only non-cash
Both cash and non-cash
Only services
What happens if a shareholder makes a defective non-cash contribution?
They are not liable
They must compensate the company
The company must accept it
They can withdraw their shares
What is the minimum number of members required for a supervisory board?
Three
Two
Four
One
What is the primary function of the management board?
To conduct audits
To represent the company in court
To manage the company's affairs
To supervise the shareholders
What is the term for the legal capacity of a quasi-legal person?
No legal capacity
Conditional legal capacity
Limited legal capacity
Full legal capacity
What is the primary difference between shares and contributions?
Shares are assets, contributions are rights
Shares are only for companies
Shares are rights, contributions are assets
Both are the same
What is the maximum dividend for privileged shares compared to non-preference shares?
No limit
Equal
Less than half
More than half
What is the term for the process of transferring shares in a limited liability company?
Pledge
Sale
Transfer
Assignment
What is the required quorum for a supervisory board meeting?
No quorum is required
All members
At least half of its members
One member
What is the term for the rights of shareholders to control the company's activities?
Management rights
Voting rights
Control rights
Supervisory rights
What is the primary purpose of a foundation?
To conduct business
To serve charitable purposes
To limit liability
To manage assets
What is the term for the legal document that outlines the rules of a company?
Shareholder agreement
Bylaws
Articles of incorporation
Company deed
What is the term for the process of dissolving a company?
Termination
Liquidation
Dissolution
Closure
What is the role of the audit committee?
To represent the company in court
To conduct periodic inspections
To supervise the management board
To manage the company
What is the term for the rights of shareholders to receive dividends?
Profit rights
Dividend rights
Shareholder rights
Control rights
What is the term for the legal entity that can sue and be sued?
Partnership
Quasi-legal person
Legal person
Natural person
What is the term for the legal capacity of a legal person?
Conditional legal capacity
Full legal capacity
No legal capacity
Limited legal capacity
What is the term for the rights and obligations of partners in a partnership?
Shares
Contributions
Assets
Rights and duties
What is the term for the process of appointing a conservator for a legal person?
Dissolution
Supervision
Liquidation
Appointment
What is the term for the legal document that outlines the rights and obligations of shareholders?
Company deed
Shareholder agreement
Articles of incorporation
Bylaws
What is the term for the legal status of a company that has not yet been registered?
Active
Dissolved
In organization
Incorporated
What is the term for the process of transferring ownership of shares?
Assignment
Transfer
Sale
Pledge
What is the term for the rights of shareholders to vote on company matters?
Management rights
Supervisory rights
Control rights
Voting rights
