商法双语复习题.doc

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1、1.Whatisapartnership?Answer:Apartnershipisanassociationoftwoormorepersonstocarryonasco-ownersabusinessforprofit.Althoughtheword"persons"suggestslivingindividuals,apartnershipmayalsoincludeotherpartnershipsamongitsmembers;whereitispermittedbylocallaw,corporationscanbecomepa

2、rtners.2．Whataretheessentialcharacteristicsofapartnership?Answer:（1）Itisanassociationofindividuals.（2）Itisvoluntary,inthesensethatnopersoncanbeforcedintoapartnership.（3）Thereisco-ownership.Eachofthepartnersmusthaveaproprietaryinterestnotonlyintheprofits,butalsointheenterpr

3、iseitself.（4）Theassociationmustbeforprofit.Nonprofitorganizationscannotbepartnerships.（5）Thereismutualagencyofpartners.Eachpartneristheagentoftheothersandofthefirmforallpartnershipacts.Sincethereismutualagency,therelationshipbetweenpartnersisafiduciaryorconfidentialone,whi

4、chmeansthattheremustbegoodfaithandfulldisclosureamongallthepartners.（6）Thereismutualliabilityofpartners.Eachpartnerisliableforallpartnershipacts.Thismeans,ineffect,thateachpartnermaybecomeexclusivelyliableforpartnershipdebtsandobligationsifthefirmand/orpartnersbecomeinsolv

5、ent.3．Whomaybeapartner?Answer:Anypersoncompetenttomakeabindingcontractmaybecomeapartner.4.PublicandprivatecompaniesPrivatecompaniesTendtobesmallscaleenterprisesownedandoperatedbyasmallnumberofindividuals.Theycannotoffertheirsharestothepublicatlarge.Theirsharesarenotquotedo

6、nanysharemarketandtendnottobefreelytransferable.PubliclimitedcompaniesTendtobelarge,andareusuallycontrolledbydirectorsandmanagersratherthanowners.TheyaresourcesofinvestmentandhavefreelytransferableshareswhicharequotedontheStockExchange.5．Legaldifferencesbetweenpublicandpri

7、vatecompanies(a)publiccompaniesmusthaveatleasttwodirectors,whereasprivatecompaniesneedonlyhaveone;(b)publiccompanieshaveminimum-issuedandpaid-upcapital;(c)therequirementtokeepaccountingrecordsisshorterforprivatecompanies;(d)thecontrolsoverdistributionofdividendpaymentsarer

8、elaxedinrelationtoprivatecompanies;(e)privatecompaniesmaypurchasetheirownsharesoutofcapit