Untitled Flashcards

Front

Can LLP in UK issues Shares

A. True

B. False

Back

B. False

LLP cannot issue share because they do not have share capital

Front

What's the least amount of members must a LLP have?

A. 1

B. 2

C. 3

D. 4

Back

A. 1

At least 2 at the time of founding, but for any reason the LLP was reduced to 1 member, that member will be liable jointly and severally with the LLP after 6 months

Front

Does the UK limit LLP's foreign ownership

A. Yes

B. No

Back

B. No

UK does not have any law limiting foreign ownership

Front

How can UK's LLP withdraw their capital

Back

This will be determined in the LLP's partnership agreement but in case of insolvency, withdrawn capital may need to be returned to fulfill debt obligation

Front

Does UK's LLP have legal representatives

A. Yes

B. No

Back

B. No

Not but all members of the LLP are considered agents acting on behave of the LLP and are liable limitedly for the LLP

Front

Requirement for succession in the LLP is determined by

A. Parliament regulation

B. Company charter

C. Partnership agreement

D. All of the above

Back

C. Partnership agreement

Condition for succession, transfer of membership, addition of new members are determined in the LLP's partnership agreement

Front

What's the difference in members liability between the UK's LLP and Vietnamese Partnership

Back

UK's LLP members have limited liability while Vietnamese Partnership are divided into Unlimited Partners which have unlimited liability and Limited partners with limited liability

Front

What is the corporate structure of UK's LLP

Back

UK's law does not have any specific requirement in regards to corporate structure

Front

Members of LLP are taxed individually on their profit from the LLP

A. True

B. False

Back

A. True

Members are taxed individually but based on income tax and National Insurance Contribution but LLP may also be required to file a partnership tax return

Front

Are LLP members liabilities limited

A. Yes

B. No

Back

B. No

They are limited most of the time unless members engaged in fraudulent or wrongful trading or the LLP is reduced to 1 members after 6 month