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Commerce Paper 1, May/June 2009  
Questions: 1 2 3 4 5 6 7 8 9 10 Main


General Comments
Strength
Weakness/Remedies



Question 8

(a)         Explain the following terms
               (i)         goodwill
               (ii)        patents
               (iii)       trade mark
               (iv)       copyright
(b)       State four factors that could lead to the dissolution of a limited liability company.


_____________________________________________________________________________________________________

observation

Most of the candidates who attempted the question were confused. The general
performance of candidates in this question was poor.
The following explanations were expected.
(a)           Goodwill:            This deals with the value of business connections and reputation
acquired over the years. It is an intangible asset of the business
built over years.
(b)          Patents:  This is the exclusive right of an inventor of a product over his
invention in order to prevent others from copying the invention
once it is duly registered.
(c)          Trade mark: This is a distinctive name or symbol given to a product which is
duly registered to prevent another company from using it.


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