Business Structures

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

• Sole Proprietorship

• Company

• Partnerships

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

• CEO/GM/President

• Chairman of the board

• Shareholders

• Board of Directors

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

• Yes

• No

Name the entity that has a separate legal person from its members, and these members are only liable for the cost of the shares they have purchased

• Partnership

• Sole Trader

• Limited Liability Company

• Franchise

A partnership pays

• tax

• no tax

A company must be registered with

• ASX

• ACCC

• ASIC

• APRA

In a partnership, there are nomally between

• 2-10 members

• 2-20 members

• 2-50 members

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

• True

• False

Can a sole trader hire more than 3 employees?

• Yes

• No

A partnership as a business is

• not a separate legal entity

• a separate entity

• similar to a company