The context and purpose of financial reporting

Which of the following statements is true in relation to a partnership?

A A partnership is a separate legal entity
B A partnership is jointly owned and managed by the partners
C A partnership can raise capital by issuing shares to members of the public
D A partnership is able to own property and other assets in its own name

6. 
   Which of the following statements is true in relation to a sole trader?
   

A A sole trader cannot have any employees
B A sole trader is able to introduce or withdraw capital from the business at any time
C A sole trader has limited liability for the debts of the business
D A sole trader can operate a business from only one location

6. 
   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 shareholders

6. 
   Which of the following items could be used to encourage executive directors to operate in the best interests of the company?
   

A They could be awarded a high salary
B They could receive bonuses based on both individual and company performance
C The could be entitled to large payment on resignation
D The could be asked to attend Annual General Meetings of the company

6. 
   Which of the following statements relating to a partnership of twenty persons and a limited liability company with twenty shareholders, each with a five per cent shareholding, is true?
   

A. Both partnerships and limited liability companies are able to own assets in their own name.
B. The members of a limited liability company have the right to participate in the management of that company, whereas partners do not have the right to participate in the management of their partnership.
C. The partners have the right to participate in the management of the partnership, whereas members of a limited liability company do not have the right to participate in the management of that company.
D. Partnerships are subject to the same regulations regarding introduction and
withdrawal of capital from the business as a limited liability company.

6.