Past Questions And Answers

1501

Which of the following are features of a limited liability company?

i. Separate legal entity

ii. Right to sue but not be sued

iii. Has its own corporate name

iv. the inability of members is limited

A) I, II and III
B) II, III and IV
C) I, II and IV
D) I,III and IV

Correct Answer: D) I,III and IV

Explanation

This question is asking about the features of a limited liability company. A limited liability company, also known as an LLC, is a type of business entity where the owners have limited liability for the company's debts and actions. Let's go through each option to determine which features are associated with a limited liability company.

Option A states that the features of a limited liability company are i. Separate legal entity, ii. Right to sue but not be sued, and iii. Has its own corporate name.

Option B states that the features of a limited liability company are ii. Right to sue but not be sued, iii. Has its own corporate name, and iv. The inability of members is limited.

Option C states that the features of a limited liability company are i. Separate legal entity, ii. Right to sue but not be sued, and iv. The inability of members is limited.

Option D states that the features of a limited liability company are i. Separate legal entity, iii. Has its own corporate name, and iv. The inability of members is limited. This is the correct option.

From these options, we can see that the correct features of a limited liability company are: i. Separate legal entity, iii. Has its own corporate name, and iv. The inability of members is limited.

So, the correct answer is Option D: i. Separate legal entity, iii. Has its own corporate name, and iv. The inability of members is limited.

A limited liability company is a popular form of business organization because it provides limited liability protection to its owners, allowing them to separate their personal assets from the company's liabilities. This means that the owners' personal assets are generally not at risk if the company incurs debts or faces legal action. The separate legal entity feature means that the company is recognized as a legal entity separate from its owners, which gives it certain rights and responsibilities. Having its own corporate name means that the company can choose a unique name to represent its brand and identity. The inability of members being limited means that the owners or members of the company have limited liability, meaning their personal liability is limited to their investment in the company.

It is important for commerce students to understand the features of different business entities, as it helps them understand the legal and operational aspects of running a business.

View Discussion (0)POST UTME OAU

1502

Which of the following statements-about electromagnetic waves is not correct?

A. They carry energy as they travel through space
B. They travel with the speed of light
C. They are longitudinal
D. The electric and magnetic fields are at right angles to each other

View Discussion (0)WAEC 2022 OBJ

1503

Quran is an evidence for or against you is part of Hadith _____ of al Nawawi's collections.

A. 21
B. 22
C. 23
D. 24

View Discussion (0)WAEC 2014 OBJ

1504

Solve for x in 8x^-2 = 2/25

A. 4
B. 6
C. 8
D. 10

View Discussion (0)JAMB 2014

1505

From the graph below the consumer will attain equilibrium at point_______________

A. J
B. K
C. M
D. L

View Discussion (0)JAMB 2018

1506

The maximum displacement on either side of the equilibrium position of an object in simple harmonic motion represents

A. period
B. amplitude
C. wavelength
D. frequency

View Discussion (0)WAEC 2013 OBJ

1507

the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

A. capital economic system
B. command economic system
C. combined economic system
D. traditional

View Discussion (0)WAEC 2009 OBJ

1508

Freedom of speech in a democratic state is limited by

A. law of sedition
B. law of trespass
C. press censorship
D. martial law

View Discussion (0)JAMB 1990

1509

From the words lettered A toD, choose the word that contains the sound represented by the given phonetic symbol.

/z/

A. insist
B. persist
C. consist
D. resist

View Discussion (0)WAEC 2022 OBJ

1510

From the words or group of words lettered A to D, choose the word or group of words that best completes each of the following sentences.

______ the court orders, he went ahead to build on that land.

A. In spite of
B. Besides
C. But for
D. Although

View Discussion (0)WAEC 2017 OBJ