Topic 16 Flashcards
1
Q
What is a legal person?
A
A body with a legal existence and can therefore enter into contracts, sue or be sued.
2
Q
With a company what does a certificate of incorporation provide?
A
Evidence of the companies formation, and details of the companies formation held on companies House.
3
Q
What is set out in a memorandum?
A
Nature of company and rules about what it can and can’t do. Including power to borrow, and how much.
4
Q
Can shareholders be held personally responsible for debts of a company?
A
No. They could lose the amount they have invested into the company.
5
Q
What is a partnership?
A
An arrangement between people who are carrying on a business together for Profit. Not a separate entity and partners jointly own assets.
