Limited liability companies - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 1994

In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total?

A. Income from all sources
B. Family assets
C. Collateral offered for bank loans
D. Investment inthe company

Question 12:

• JAMB 1998

Liquidation of limited liability company implies that the?

A. Company may not pay its debt
B. Debts of the company can only be paid from its own assets
C. Debts of the company are paid from both business and private funds of the owners
D. Debts of the company musts be paid from public funds only

Question 13:

• JAMB 2004

The number of shareholders in a private limited liability company ranges from

A. Two to seven
B. Two to three
C. Two to fifty
D. Two to twenty

Question 14:

• JAMB 2010

The maximum number of shareholders for a limited liability company is

A. Twenty
B. Five
C. Seven
D. Infinite