Business Structures

Front

What is a form of business ownership in which 2 or more people jointly owns a business?

Back

Partnerships

Front

The major policy and financial decision makers of a corporation are determined by the...

Back

Board of Directors

Front

Can a sole trader run their business under a name different from their own?

Back

Yes

Front

In a partnership, there are normally between

Back

2-20 members

Front

A company has contractual capacity to enter into contracts with anyone including its own members

Back

True

Front

A partnership as a business is

Back

not a separate legal entity

Front

A partnership has perpetual succession

Back

False

Front

Partnerships are popular in family businesses where individuals may enter into them with their spouse and children to minimise their tax

Back

True

Front

Which of the following is an advantage of a partnership? Unlimited liability, Arguments, Shared responsibility

Back

Shared responsibility

Front

Owned by two or more individuals.

Back

Partnership