MNB1501 Assignment 2 Semester 1 2024 (Solutions)
Question 1
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Which one of the following statements is true regarding a partnership?
a.
The enterprise has a lack of continuity in that a new enterprise will be formed when ...
Assessment 2
Open block drawer
Started on Thursday, 28 March 2024, 9:36 PM
State Finished
Completed on Thursday, 28 March 2024, 9:52 PM
Time taken 16 mins 32 secs
Marks 16.00/20.00
Grade 80.00 out of 100.00
Question 1
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Question text
Which one of the following statements is true regarding a partnership?
a.
The enterprise has a lack of continuity in that a new enterprise will be formed when the previous one is disbanded.
b.
A founding statement and a Memorandum of Incorporation are needed to start this form of enterprise.
c.
The enterprise has the advantage of being a legal person that exists separately from its members.
d.
The members’ personal assets in their private estates are not at risk of being lost in the business.
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Your answer is correct.
The correct answer is the enterprise has a lack of continuity in that a new enterprise will be formed when the
previous one is disbanded. Refer to section 3.7.
The correct answer is:
The enterprise has a lack of continuity in that a new enterprise will be formed when the previous one is disbanded.
Question 2
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Which one of the following statements is NOT true regarding a business with a legal personality?
a.
The business is dependent on its members.
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