10 Jul A BUSINESS IS REGISTERED UNDER THE NAME ACME TRADING LTD. WHICH ONE OF THE FOLLOWING MUST THE BUSINESS BE?
1 A business is registered under the name Acme Trading Ltd. Which one of the following must the business be?a. A public limited company.b. A partnership.C. A private limited company.d. Either a private limited company or a private unlimited company.2 David owns 100 shares in a private limited company which has debts which amount to 50 times its assets. The company has no prospect of paying the debts. David has paid half the nominal price of his shares. Which one of the following statements is true?a. As the company is limited it need not pay its debts.b. Limited liability will mean that David has to pay nothing towards the companys debts.c. The amount of the companys debts must be paid by all shareholders in proportion to their shareholding.d. David must pay the other half of the nominal price of his shares. Beyond that he need pay no more.3 Consider the following statements.i .A public company need have only one member.ii. A public company cannot be unlimited.iii. A public companys shares must be quoted on the stock exchange.IV A public company must have at least 50 000 of allotted, fully paid up, capital.V A private company will need to pass an ordinary resolution in order to convert to a public company.Which of the above statements are true?A. i and ii only.B. i, iii and iv only.C. ii and iv only.d. All of the statements.1 A business is registered under the name Acme Trading Ltd. Which one of the following must the business be?a. A public limited company.b. A partnership.C. A private limited company.d. Either a private limited company or a private unlimited company.2 David owns 100 shares in a private limited company which has debts which amount to 50 times its assets. The company has no prospect of paying the debts. David has paid half the nominal price of his shares. Which one of the following statements is true?a. As the company is limited it need not pay its debts.b. Limited liability will mean that David has to pay nothing towards the companys debts.c. The amount of the companys debts must be paid by all shareholders in proportion to their shareholding.d. David must pay the other half of the nominal price of his shares. Beyond that he need pay no more.3 Consider the following statements.i .A public company need have only one member.ii. A public company cannot be unlimited.iii. A public companys shares must be quoted on the stock exchange.IV A public company must have at least 50 000 of allotted, fully paid up, capital.V A private company will need to pass an ordinary resolution in order to convert to a public company.Which of the above statements are true?A. i and ii only.B. i, iii and iv only.C. ii and iv only.d. All of the statements.
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