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FSRE 1 · Legal Entities Defined
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Legal Entities Defined
The difference between limited and unlimited liability, the distinction between legal and beneficial ownership, and what personal representatives do.
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Legal Entities Defined
In law, a "legal person" is an entity with rights and obligations.
Question 3
True or false?
In law, a "legal person" is an entity with rights and obligations
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Sole Traders
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Companies
Question 6
Which term matches: "shareholders' risk limited to amount invested"
Question 7
What does "Ltd (private)" mean?
Question 8
Fill in the blank
______ — shares not publicly traded; Plc (public): can offer shares to the public
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Partnerships
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Trustees
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Personal Representatives
Question 12
Which term matches: "named in a will; administer the estate after death"
Question 13
What does "Administrators" mean?
Question 14
Type the term that means: "named in a will; administer the estate after death"
Question 15
Fill in the blank
______ — appointed by court when no valid will (intestacy)
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What the exam tests
The difference between limited and unlimited liability, the distinction between legal and beneficial ownership, and what personal representatives do.
Question 17
True or false?
The difference between limited and unlimited liability, the distinction between legal and beneficial ownership, and what personal representatives do
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