Question

WHICH OF THE FOLLOWING STATEMENT IS FALSE?
• (A) NO LEGAL FORMALITY IS REQUIRED TO FORM A COMPANY.
• (B) THE SHAREHOLDERS OF A COMPANY HAVE LIMITED LIABILITY.
• (C) A COMPANY CAN OWN PROPERTY IN ITS OWN NAME
• (D) A COMPANY IS MANAGED BY THE ELECTED REPRESENTATIVES OF SHAREHOLDERS.​

Answer 1

Answer:

B is False

Explanation:

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Answer 2

Statement A is False.

• The statement which is not correct is that "NO LEGAL FORMALITY IS REQUIRED TO FORM A COMPANY".
• Legal Formalities are required to form a company.
• Corporate formalities are the operating rules and guidelines a corporation must follow in order to meet its operational requirements, which in turn will allow it to maintain the corporate protections it enjoys.
• The Memorandum of Association and Articles of Association are the most important documents to be submitted to the ROC for the purpose of incorporation of a company.