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Which of the following is INCORRECT regarding the differences between a general partnership and a company limited by shares?
(i) Both a partnership and a company are formed by registration with the Registrar of Companies.
(ii) All partners are agents of the firm and all directors are agents of the company.
(iii) All partners are fully liable for the firm's debts and the company is fully liable for its own debts.
Suggested Answer: B
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35 comments · newest first
CH
Chana
11 months ago
(ii) is correct, all directors act for the company!
SU
Sunny
11 months ago
I thought companies had some liability protection?
AH
Ahmed
11 months ago
Wait, are all partners really fully liable?
NI
Nickie
12 months ago
Totally agree, (i) is definitely wrong!
MI
Ming
12 months ago
Partnerships aren't registered like companies.
NA
Nakita
1 year ago
I feel like (ii) is true since both partners and directors act on behalf of their entities, but I can't recall if that makes (i) incorrect.
LA
Larue
1 year ago
I practiced a similar question where it mentioned that all partners are liable for debts. I think (iii) is definitely correct, but I'm not sure about the others.
LO
Louvenia
1 year ago
I'm a bit unsure about the liability part. I thought companies had limited liability, but I'm not clear on how that applies to partnerships.
SH
Sherill
1 year ago
I remember that partnerships don't require registration, but companies do. So, I think (i) might be incorrect.
CL
Clay
1 year ago
I'm not entirely sure about this one. The wording is a bit tricky, and I want to make sure I don't miss any nuances. I'll need to re-read the question and options carefully before selecting my answer.
IZ
Izetta
1 year ago
Okay, I've got this. The key is to identify which of the given statements is false. I'm pretty confident I can eliminate the incorrect option based on my knowledge of business structures.
KA
Katina
1 year ago
Hmm, this is a tricky one. I'm a bit confused about the distinction between partners being agents of the firm versus directors being agents of the company. I'll need to think this through step-by-step.
LA
Lashawn
1 year ago
This question is testing my understanding of the key differences between partnerships and companies. I'll need to carefully review the given information and options to determine which one is incorrect.
GR
Gretchen
1 year ago
Hmm, this one seems tricky. I'll need to think through the different Citrix ADM Analytics pages and what metrics they focus on.
LA
Lavonne
1 year ago
Hmm, I'm a bit unsure about this one. The audit committee's responsibilities can be tricky to remember. I'll need to carefully read through each option.
NY
Nydia
1 year ago
Hmm, I'm not too familiar with AppLocker. I'll need to review that option a bit more closely.
MO
Moon
1 year ago
I remember studying about different types of attacks, and I'm pretty sure this is a denial of service attack.
DA
Daniela
1 year ago
I'm going with (C). Gotta watch out for those sneaky differences between partnerships and companies, you know? It's like a legal version of spot the difference!
RO
Rosio
1 year ago
You make a good point. I might have to reconsider my choice now.
RO
Roxane
1 year ago
Hmm, I see your point. But I'm still leaning towards (C) because of the registration requirement.
RI
Ricarda
1 year ago
I think it's actually (D). Partnerships and companies have different liability structures.
MA
Marge
1 year ago
Wait, are we sure this isn't a trick question? I heard the Registrar of Companies likes to play mind games with us. *laughs nervously*
HA
Haydee
2 years ago
I'm pretty sure the answer is (D). All partners are fully liable, while the company is only liable for its own debts. Easy peasy!
SH
Shelton
2 years ago
The correct answer is (C). (i) and (iii) are the incorrect statements. This is a classic trick question!
ST
Stephen
1 year ago
User 2
JA
Janessa
1 year ago
User 1
HO
Howard
2 years ago
But doesn't a general partnership have unlimited liability for its debts, while a company limited by shares has limited liability?
RA
Raylene
2 years ago
I think (i) and (iii) are the incorrect statements. A partnership is not formed by registration, and partners have unlimited liability, while a company has limited liability.
GA
Gary
1 year ago
D) (iii) only
VA
Vanna
1 year ago
C) (i) and (iii) only
MI
Mila
1 year ago
B) (i) and (ii) only
GO
Goldie
2 years ago
A) (i) only
MA
Malissa
2 years ago
Option (i) is incorrect. A general partnership is not formed by registration with the Registrar of Companies, but a company limited by shares is.
EL
Elbert
2 years ago
I disagree, I believe the answer is D) (iii) only.
HO
Howard
2 years ago
I think the answer is C) (i) and (iii) only.