Answered: Evelyn, Francis and George, run a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Evelyn, Francis and George, run a business buying and selling wigs. They have been advised by their lawyer to form a private limited company to run the business. They have contacted you for a second opinion, particularly in respect of:

a. The extent to which their liability will be limited;

b. Wether they will be able to exercise the same control over the private company as they did with the partnership.

c. The extend to which they will have the same right to be involved in the management of the private limited company; and

d. The public disclosure to which the business would be subjected to as a private company

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