Briefly explain the meaning of the following companies’ concepts; • Authorised share capital • Memorandum of Incorporation • Prospectus
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• Authorised share capital
• Memorandum of Incorporation
• Prospectus
• Limited Liability
• Separate legal entity
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- Which of the following statements is true in relation to a limited liability company? A A limited liability company can incur liabilities in its own name B A limited liability company cannot acquire assets in its own name C A limited liability company cannot incur liabilities in its own name D A limited liability company can be formed on an informal basis by simple agreement between the first sharehopldersWhen shares are issued in exchange of legal services in order to incorporate an entity, the proper account to be debited is ______________, and the amount should be equal to _______________. a. Legal fees, fair value of the services b. Organization costs, par value of the shares c. Organization costs, fair value of the services d. Organization costs, fair value of the shares e. Legal fees, par value of the sharesWhich among the following form of business organization can issue shares to the general public? a. Partnership firm b. Limited Liability Company c. Public limited company d. Private company
- Identify the term being referred to: A lone entity in charge of issuing new shares on behalf of a corporation *Explain the difference between an S corporation and a limited- liability company.which of the following are similarities between spin-off and carve-out I.both firms have the same level of disclosure requirements II. It is easier to value the parent and subsidary companies separately III. Both forms entails issuing nwe shares a.III b. II c. I d. II and III e. I and II
- Which of the following statements is correct regarding working paper entries to facilitate the preparation of the consolidated financial statements? * A. Debit Non-controlling Interest in Net Assets in the working paper to assign to the non-controlling stockholders their share in the gain on bargain purchase. b. Debit Share Premium relating to issuance of stocks in the working paper to record the cost of SEC registration and listing fees. c. Credit Investment in Subsidiary Company Stock in the working paper to record the purchase of outstanding shares from subsidiary company. d. Credit Equipment in the working paper to adjust a fair value differential of an overvalued equipment.Which of the following characteristics of a corporation limits a stockholder's loss to the amount of his or her investment in the stock of the corporation? Question 7Answer a. Separate legal entity b. Separation of ownership and management c. Transferability of ownership d. Limited liabilityDistinguish between publicly held and privately (or closely) held corporations.
- Differentiate the SCE (Statement of Changes in Equity) of a sole proprietorship, a partnership and a corporation.Which of the following characteristics of a corporation limits a stockholders losses to the amount of investment in the stock of the corporation? Transferability of ownership Limited liability Separate legal entityWhich of the following characteristics of a corporation limits a stockholder's loss to the amount of his or her investment in the stock of the corporation? a. Separate legal entity b. Separation of ownership and management c. Transferability of ownership d. Limited liability