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A feature common to public and private limited liability companies is that

Commerce
JAMB 2012

A feature common to public and private limited liability companies is that

  • A. both can sue and be sued
  • B. the minimum number of their shareholders is five
  • C. the transfer of their shares is not restricted
  • D. their annual accounts are published for public use
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Correct Answer: Option A
Explanation

Common Features of Private and Public Limited Companies

  • Both types of companies are registered with the words “Ltd” / “Sdn Bhd” under the Companies Act.
  • The shareholders and the company are separate entities, they can sue and be sued
  • All shareholders have limited liability.
  • A board of directors is elected by the shareholders. ...
  • Salaries managers are employed to manage the business.
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