Business Ch. 4 - Types of business organisation

Having __________ liability means that the owners of a business must pay all the debts of the business.

• private

• limited

• public

• unlimited

A ______ limited company can only sell shares to family and friends

• public

• private

• government

• corporate

A ______ has owners called shareholders

• limited company

• partnership

• public owned business

• government owned business

A ______business has one owner

• sole trader

• joint venture

• partnership

• public-limited

An ______ business does have a separate legal identity from the owners.

• unlimited

• insolvent

• incorporated

• unincorporated

A sole trader business can only have one employee

• True

• False

A partnership does not have to have a partnership agreement

• True

• False

A public limited company is owned by the government

• True

• False

A franchisee can run the business how they choose

• True

• False

A joint venture is when two or more busineseses agree to start a new project together.

• True

• False