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  5. Company Law and Corporate Governance (LAW5017)

Lecture notes

Practice Questions and Answers Company Law and Corporate Governance (LAW5017)

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Questions and answers on business organisations ( company law and corporate governance). These questions help give a better understanding of what the roles of business organisations are and how they differ from each other.

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Document information

  • November 14, 2022
  • 3
  • 2022/2023
  • Lecture notes
  • Nabil rafiq
  • Lecture 1

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Topic Questions (Business Organisations)

A. Short Questions

1) What are the key features of a sole trader?

-one person business
-unlimited liability
-usually smaller businesses (estate agency, restaurant, take-away)
-unincorporated

2) What are the key features of a partnership?

-unincorporated
-unlimited liability
-easy to set up
-minimum 2 people for a partnership to exist
-maximum used to be 20 but now, since 2002, it is unlimited (i.e. a law firm
with many employees)

3) How does a company differ from a partnership?

In a partnership, the assets of the firm are owned directly by the partners
whereas in a company the assets of the company are not owned by the
shareholders

4) What is meant by ‘limited liability?

Limited liability is a form of legal protection for owners and shareholders that
prevents them from being held responsible for their company’s debts or
financial losses.

5) Distinguish between a sole trader and a partnership.

A sole trader is someone that runs a business on their own and therefore has
unlimited liability. A partnership is when 2 or more people join in business,
therefore sharing equal liability when one partner commits a negligent act

6) What is the ‘Third Sector’?

Third sector organisations is a term used to describe a range of organisations
that are neither public sector nor private sector. It includes voluntary
organisations. community organisations. registered charities.

7) Why do you think a person would prefer to form a company as opposed to a
partnership or sole trader?

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