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

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

A partnership as a business is

• not a separate legal entity

• a separate entity

• similar to a company

A partnership has perpetual succession

• False

• True

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

• True

• False

Which of the following is an advantage of a partnership?

• Unlimited liability

• Arguments

• Shared responsibility

Owned by two or more individuals.

• Proprietorship

• Partnership

• Corporation

• None of the above