R20 练习: 组织形式、公司特征与所有权
考纲范围
compare the organizational forms of businesses · describe key features of corporate issuers · compare publicly and privately owned corporate issuers
LOS: Compare the organizational forms of businesses
Q1.
Car Group Inc. (CG Inc.), a limited company, is a prominent international investor in the auto industry. CG Inc. is the limited partner of Green LP, a limited partnership rooted in the new-energy vehicle. Which of the following best describes the taxation of CG Inc. and Green LP?
A. Green LP pays tax based on its pre-tax income.
B. CG Inc pays tax based on its pre-tax income.
C. As a limited partner of Green LP, CG Inc has to pay tax based on distributions paid by Green LP.
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答案：B
解析：Limited partnership（有限合伙）是 pass-through 实体，LP 本身不缴税，利润穿透到合伙人层面纳税。CG Inc. 作为 limited company（有限公司），需要以自身层面的 pre-tax income 缴纳公司所得税。
选项 判断 解析 A ✗ LP（有限合伙）是 pass-through 结构，实体本身不缴税 B ✓ CG Inc. 是 limited company，作为独立纳税实体缴税 C ✗ CG Inc. 以自身 pre-tax income 纳税，不是以 LP 的 distributions 为税基 关联：R20: 组织形式
Q2.
Alisa is a limited partner of GP Energy, a limited partnership in the energy industry. Which of the following is least likely to be correct?
A. Alisa must be part of the management team at GP Energy.
B. Alisa’s loss is limited to the size of their investment in GP Energy.
C. There must be at least one general partner in GP Energy.
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答案：A
解析：Limited partner（有限合伙人）的核心特征是不参与日常管理，一旦参与管理就可能失去有限责任保护。
选项 判断 解析 A ✓ 错误 LP 不得参与管理，这是 LP 与 GP 的核心区别 B ✗ 正确，LP 的损失以其出资额为限（有限责任） C ✗ 正确，有限合伙必须至少有一个 GP 承担无限责任 关联：R20: 组织形式
Q3.
What is the similarity between the limited partners, who own a 1% stake in the partnership, and the outside shareholders of a listed corporation, who own 1% of company shares?
A. Managerial responsibilities
B. The ability to vote on the management
C. Double taxation problem.
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答案：A
解析：题目问”相似性”。持有 1% 的 LP 和持有 1% 的上市公司小股东都不参与公司的日常管理——这是二者的共同点。
选项 判断 解析 A ✓ 两者都不参与管理（LP 不能管理，小股东没有控制权），managerial responsibilities 的缺失是共同点 B ✗ 股东有投票权选举董事会，LP 通常没有投票权管理公司 C ✗ LP 是 pass-through 不存在双重征税，corporation 才有双重征税问题 关联：R20: 组织形式
LOS: Describe key features of corporate issuers
Q4.
Which of the following is not a key feature of corporate organizational form?
A. Without holding a majority of the equity, the management team retains control over the company’s operations.
B. By dividing the ownership units of the limited company into smaller-sized shares, it facilitates investors in buying or selling ownership interests with greater ease.
C. Shareholders have no means to hold the board of directors or management team accountable for their inaction.
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答案：C
解析：公司制的关键特征之一就是股东可以通过投票等机制监督管理层。说股东”没有任何手段”问责董事会是错误的。
选项 判断 解析 A ✗ 正确描述——管理层无需持有多数股权即可控制公司运营（所有权与经营权分离） B ✗ 正确描述——股份可分割为小单位，增强了流动性和交易便利性 C ✓ 错误 股东有多种问责手段：代理投票、更换董事、集体诉讼等 关联：R20: 组织形式
Q5.
Which of the following statements is least likely advantage of corporate issuers?
A. Corporations possess numerous rights and duties akin to those of an individual, enabling them to participate in comparable activities.
B. Shareholders of a company bear limited liabilities.
C. The profits distributed to shareholders are subject to personal income tax only.
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答案：C
解析：公司制的一大劣势是双重征税（double taxation）：利润先在公司层面缴企业所得税，分配给股东后还要缴个人所得税。C 说”仅缴个人所得税”是错误的。
选项 判断 解析 A ✗ 正确——法人实体 (legal entity) 拥有类似自然人的权利和义务 B ✗ 正确——有限责任是公司制的核心优势 C ✓ 错误 公司利润存在双重征税：corporate tax + personal income tax 关联：R20: 组织形式
LOS: Compare publicly and privately owned corporate issuers
Q6.
Which of the following statements is incorrect about publicly and privately owned corporate issuers?
A. Investors in private companies may be restricted to qualified, accredited, or sophisticated investors.
B. Public companies are subject to rigid compliance and reporting requirements.
C. In contrast to public issuers, private companies raise smaller amounts of capital in the primary market, from a limited number of investors who usually have shorter holding periods.
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答案：C
解析：私人公司的投资者通常持有期更长（因为流动性低，难以转让），而非”shorter holding periods”。
选项 判断 解析 A ✗ 正确——私人公司的投资者通常需要满足合格投资者等条件 B ✗ 正确——上市公司面临严格的合规与信息披露要求 C ✓ 错误 私人公司投资者的持有期通常更长，因为股份流动性差 关联：R20: 组织形式
Q7.
Compared with listed enterprises, which of the following statements is most likely a characteristic of unlisted corporations?
A. Changes in equity value are easier to track.
B. It is more convenient to obtain a large amount of equity financing.
C. Subject to less stringent regulations and disclosure requirements.
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答案：C
解析：非上市公司相比上市公司，最显著的特征是监管和披露要求更宽松。
选项 判断 解析 A ✗ 上市公司有公开市场报价，equity 价值追踪更容易，非上市公司反而更难 B ✗ 上市公司可通过公开市场融资，获取大规模股权融资更方便 C ✓ 非上市公司面临更少的监管要求和披露义务 关联：R20: 组织形式