Business media Flashcards
1
Q
Two generic type of business medium
A
Incorporated and unincorporated
2
Q
Are debts of a company treated as its own?
A
Yes, the directors cannot be required to pay the debts of a limited company out of their own assets
3
Q
Are debts of an LLP treated as its own?
A
Yes but members can be personally liable for their own negligent acts (but not for contractual debts)
4
Q
How are partners liable for debts?
A
Jointly and severally
5
Q
Which business media can exist in perpetuity?
A
Limited liability companies and LLPs
