In which of the following situations will the courts lift the veil of incorporation?
Which of the following indicates that a business is being run as a sole trader?
When forming an unlimited liability partnership, a partnership agreement may be written. Which TWO statements regarding written partnership agreements are correct?
(1) Terms in the agreement override terms implied by the Partnership Act 1890
(2) Written partnership agreements are required by law where there are more than 20 partners in the partnership
(3) Written partnership agreements must be in the form of a deed
(4) Written partnership agreements are not required on formation and may be created at any point in the life of the partnership
Which of the following is true concerning partnerships and legal charges?
Which of the following statements concerning retiring partners is correct?
Which of the following is necessary to terminate a Limited Liability Partnership?
When an unlimited liability partnership is terminated, which of the following is paid off last out of funds realised from the partnership assets?
Under the Partnership Act 1890, which TWO of the following events will terminate an unlimited liability partnership?
(1) Notice by a partner
(2) The end of an agreed fixed period of time for the partnership
(3) Absence of a partner
(4) Disagreement between the partners
Which of the following statements relating to limited liability partnerships is correct?
Which TWO statements are correct in relation to designated members in limited liability partnerships (LLPs)?
(1) They must not take part in the day-to-day operation of the business
(2) They are responsible for filing the LLP's accounts
(3) They are fully liable for partnership debts
(4) They have limited liability