Which of the following statements is correct?

Question

Quizplus · Accepted Answer

Setting up a limited company involves various legal formalities such as registering with Companies House, appointing directors and shareholders, etc. These formalities are complex and require professional guidance, hence people generally require professional advice while setting up a limited company. The rest of the statements are incorrect as follows:

B) The partnership form of business allows partners to share profits based on their agreement, it need not necessarily be equal.
C) The obligation to make financial information public is for limited companies and not for partnership firms.
D) Limited companies can have any number of shareholders, there is no legal restriction on the maximum number of shareholders.

Which of the Following Statements Is Correct