Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 10 - No. 12)
In relation to a company, which of the following is correct?
A company is a separate legal entity.
Shareholders of a company have limited liability.
A company is owned by its directors
A company can enter into contracts in its own name.
Explanation
A company is a separate legal entity where shareholders have limited liability and can enter into contracts.
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