Question Tag: Company

Search 500 + past questions and counting.
Professional Bodies Filter
Program Filters
Subject Filters
More
Tags Filter
More
Check Box – Levels
Series Filter
More
Topics Filter
More
  • 6 Marks

BL – May 2015 – L1 – SB – Q2a – Company Law | Partnership Law

Explain three key differences between a partnership and a company.

A partnership and a company are similar in some respects, but they are different in many ways.
Required:
Explain any THREE differences between a partnership and a company. (6 Marks)

i. A company has a separate legal personality upon incorporation, while a partnership does not have a separate legal personality.

ii. Partnerships do not require a specific legal formality for formation, while a company must be incorporated with necessary documents.

iii. The liability of company members is limited to their shareholding, but partners in a partnership have unlimited liability except in the case of limited partners.

  • 6 Marks

PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities

State the basis periods for a sole proprietorship, company, trust, and partner in a partnership.

State the Basis Periods for the following persons as provided in the Income Tax Act, 2015 (Act 896):

i) A sole proprietorship
ii) A company
iii) A trust
iv) A partner of a partnership

The Basis Periods for the different persons are as follows:

i) Sole Proprietorship: The basis period for a sole proprietor is the calendar year (January to December).
ii) Company: The basis period for a company is its accounting year, which may vary depending on the company’s financial reporting period.
iii) Trust: The basis period for a trust is the accounting year of the trust.
iv) Partner of a Partnership: The basis period for a partner in a partnership is the calendar year (January to December).

Take control of your business data with insight and in-depth understanding by taking this course. 

Services

Contact Info

  • +233203701923
    +233543919232
  • info@noohrabusiness.com

Get In Touch

Follow us on our social media and get daily updates.

Facebook-f Twitter Linkedin-in Envelope