Outline four (4) distinguishing features between a company limited by shares and a partnership.
What will be an ideal response?
Answer: Differences between a Company and Partnership
1. A company is an abstraction of law - its existence is influenced by change of membership/death/insolvency of its members. But a partnership is an aggregation of individuals - so a partnership ends with the death/ insolvency of a partner.
2. In case of a limited company, maximum liability of shareholders is limited to the face value of shares.however, in partnership, liability of shareholders is up to the amount guaranteed by them
3. A company member can enter into a contract with the same company, whereas a partner of a firm cannot
4. Managing a company is done by a group of elected representatives of the shareholders. In case of partnership, however, management is in the hands of partners
You might also like to view...
What are the differences between a clickwrap agreement and a browsewrap agreement?
What will be an ideal response?
Courts do not recognize which of these kinds of alimony?
a. Permanent b. Rehabilitative c. Reimbursement d. Accelerated
Review Rule 34 of the Federal Rules of Civil Procedure, and compare those provisions to your state’s rules of civil procedure for any differences. Identify how many requests for production and interrogatories you are allowed without special permission from the court.
What will be an ideal response?
Based on a percentage of the recovery, a(n) ________ fee may range from 20 to 50%, although this percentage may be controlled in cases involving minors.
A) Hourly B) Unearned or refundable C) Contingent D) Retainer