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Business Studies

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The liability...

Question

The liability of members of a Joint Stock Company is unlimited.

A

True

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B

False

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Solution

The correct option is A True
The liability of the members of Joint stock company is unlimited i.e. assets of members cannot be used to pay the debts of company as company has a separate legal entity from its members and is termed as an artificial person in terms of law.

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Q. The liability of the members in a Joint Stock Company is __________.

Q. Select the proper option from the options given below and rewrite the completed sentences.

The liability of the shareholders in the public limited joint stock company is ________.
(a) limited
(b) unlimited
(c) collectively

Q. Which of the following statement is true and which is false?
P. A company being a body corporate can sue but cannot be sued in its own name.
Q. Members or shareholders are agents of a company. R. Members of a company cannot contract with company.
R. A partner's liability is always limited where as that of shareholder may be unlimited either by shares or a guarantee.

Select the correct the answer from the options given below-

In the statement mentioned, state whether it is true or false.
In a company, the liability is unlimited to their investment in the company.

Q. Fill in the blanks:
(a) The East India Company was a ________ company.
(b) The Reserve Bank of India is a _________.
(c) Reliance Industries Limited is a _________ company.
(d) A does not have share capital.
(e) The liability of members of a company is unlimited.
(f) A company which holds 51% more of the shares of another company is called _________.
(g) Steel Authority of India Limited is a company.
(h) Coca Cola Corporation is a company.
(i) Minimum share capital in a private company is Rs________.

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