Introduction - Legal Forms

16 important questions on Introduction - Legal Forms

Can natural person contract?

Yes

Can a legal subject own property and transfer property rights?

Yes

Who are the representation of Sole Ownership?

Natural person
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Who is liability or recourse at Sole Ownership?

Natural person (with their private and business property)

Who are the representation of Partnership Legal form?

Each Partner (Natural or Legal person), Unless agree differently in agreement.

Who is liabiliy or recourse at Partnership(legalform)

Partnership and Partners (with their partnership property and private property of partners)

Who are the representation of Limited Liability Legal form?

Management in one-tier and two-tier.

Who is liabilit or recourse at Limited liability company(legal form)

The legal person/ company's property

Legal forms vary per jurisdiction, but is it true all legal traditions basically have three types of form?

Yes it is true

List 2 legal forms that can be place under Natural Persons.

  1. Sole Ownership
  2. Partnership
  3. Limited Partnership

A firm with legal personality, the legal form can act and own as if it were a humanbeing.

True

What will an unpaid creditor have to do incase can't pay the creditor from a legal firm with legal personality?

An unpaid creditor will have to sue the legal person for, if needed, recourse on the property of the legal person.

Is it true Traditionally, Partnership did not have legal personality but now many jurisdictions offer legal personality to Partnership?

True

Partners share partnership's profit as agreed among them?

True

Does Netherlands offer legal personality to a partnership?

Yes

Under the sole ownership legal form, you reap all the profits and have all the ........

Risks

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