Q What is the difference between a sleeping partner and a salaried partner?
A A salaried partner is not a partner of the firm; he/she is merely given the title of partner for the purpose of dealing with third parties. A sleeping partner is a partner who is not engaged in the day-to-day activities of the firm
Q For foreign companies which wish to conduct business in Singapore, it can _________.
A register a branch in Singapore under the Companies Act (Cap. 50).
Q Which of the following best describes a limited partnership (LP)?
I. There is a minimum of two partners.
II. There are two types of partners in a LP: general and limited partners.
III. All partners in a LP will have unlimited liability for the debts of the LP.
II. To speak at shareholders meetings.
III. To obtain dividends from the company.
IV. To have a first right of subscribing for preference shares to be issued by the company.
II. Private limited companies in Singapore which are listed on an overseas stock exchange
III. Foreign companies with only a registered branch in Singapore
IV. Foreign companies with no presence in Singapore
II. upon the occurrence of an event which renders the partnership business illegal
III. if the court decrees it because the partnership business can only be continued at a loss
II. Capable of suing third parties in its own name
III. Ceasing to exist if its shareholders change
IV. Its members are not responsible for its debts
II. there was substantial wrong-doing or fraudulent act committed by the company and it can be attributed to one or more members.
III. the shareholders pass a resolution to this effect.
II. Sue is moving house. She has asked the driver of the truck to load her furniture into the truck and send the furniture to her new home.
III. As part of their holiday in Asia, some of Sue's friends from America would like to come to Singapore. Sue has invited them to stay at the apartment.
A A salaried partner is not a partner of the firm; he/she is merely given the title of partner for the purpose of dealing with third parties. A sleeping partner is a partner who is not engaged in the day-to-day activities of the firm
Q For foreign companies which wish to conduct business in Singapore, it can _________.
A register a branch in Singapore under the Companies Act (Cap. 50).
Q Which of the following best describes a limited partnership (LP)?
I. There is a minimum of two partners.
II. There are two types of partners in a LP: general and limited partners.
III. All partners in a LP will have unlimited liability for the debts of the LP.
A I
Q Every member of a Singapore-incorporated company is entitled to certain fundamental rights as a member. Which of the following is not such a right?
I. To attend shareholders meetings.II. To speak at shareholders meetings.
III. To obtain dividends from the company.
IV. To have a first right of subscribing for preference shares to be issued by the company.
A II and III
Q Which of the following does not describe a partnership?
A A partnership can be formed solely for volunteer and charitable purposes.
Q John, the Senior Vice President of a company has just completed negotiations with Supplier A over a contract. Supplier A assumes that John is duly authorized to sign the contract. On which of the following rules is Supplier A likely to rely on?
A Indoor management rule.
Q A partner who retires from a firm ____________.
A generally remains liable for the partnership debts incurred before his retirement.
Q Which of the following entities are not governed by the Companies Act (Cap. 50)?
I. Private limited companies which are incorporated in Singapore II. Private limited companies in Singapore which are listed on an overseas stock exchange
III. Foreign companies with only a registered branch in Singapore
IV. Foreign companies with no presence in Singapore
A IV only
Q A partnership can be automatically dissolved ____________.
I. if the partners agree that it will be dissolved upon the bankruptcy of one of their partners II. upon the occurrence of an event which renders the partnership business illegal
III. if the court decrees it because the partnership business can only be continued at a loss
A I, II and III
Q A person can be added as a new partner to the partnership so long as ____________.
A the existing partners agree.
Q At law, incorporation creates "personhood". Which of the following is not a feature of "personhood"?
I. Being able to own property in its own nameII. Capable of suing third parties in its own name
III. Ceasing to exist if its shareholders change
IV. Its members are not responsible for its debts
A III only
Q Upon winding-up of a company limited by guarantee, its members are liable _________.
A to the extent of the fixed amount stated in the company's memorandum
Q Which is the regulatory body that is responsible for companies that are incorporated under the laws of Singapore?
A Accounting and Corporate Regulatory Authority
Q A company secretary for a private limited company in Singapore must possess certain pre-requisite qualifications. Which of the following is not an appropriate example of such qualifications?
A A person who resides in Singapore and is always present at the company's registered office.
Q If you wish to start a very simple push-cart business but are not concerned about incurring personal liability in the course of the business, which of the following would be more appropriate for you?
A Being the sole proprietor in a sole proprietorship
Q In which of the following situations would the corporate veil be lifted?
I. the company had a debt which was intentionally created by a company officer who, at that time, had no reason to believe that the company could pay the debt. II. there was substantial wrong-doing or fraudulent act committed by the company and it can be attributed to one or more members.
III. the shareholders pass a resolution to this effect.
A I and II
Q In its report dated 29 November 2011, the Steering Committee for the Review of the Companies Act proposed that a dormant company _________.
A which owns less than S$500,000 in property and is not a listed company need not prepare accounts at all.
Q If the company acts beyond its objects stated in the _________, such an act is considered _________ .
A memorandum of association; ultra vires
Q Under the proposed amendments to the Companies Act (Cap. 50) in 2012, which documents are to be replaced with a new document known as the "constitution" of the company?
A Memorandum of Association and Articles of Association
Q Sue is a partner in a newly established partnership which deals in interior design. The partnership bought an apartment near the office and a truck. In which of the situations is there an inappropriate use of the apartment or the truck?
I. The partnership is expecting some China-based customers to fly into Singapore to negotiate the terms of a project. Sue has invited them to stay at the apartment. II. Sue is moving house. She has asked the driver of the truck to load her furniture into the truck and send the furniture to her new home.
III. As part of their holiday in Asia, some of Sue's friends from America would like to come to Singapore. Sue has invited them to stay at the apartment.
A II and III
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RESULTS: 90/100 NOT BAD FOR NOT READING MY NOTES.
