Forms of Business Organization

Sole Proprietorship are owned by one individual

• True

• False

A sole proprietor may enjoy all of the following except____

• All Profits

• Unlimited Liability

• Small start up cost

• Quick decision making

How many persons can form a partnership?

• 1

• 2-30

• up to 25

• 2-20

Which of the following information is NOT included in the partnership deed?

• The names of partners

• The location of the business

• The number of family members each partner has.

• Th duration of the partnership

Identify 2 Disadvantages of a partnership form of business

• Conflict may arise among partners

• Some partners may be left out of the profit sharing.

• Some partners may be unfairly burdened within the partnership

• There is continuity if one partner dies

A ____________ may be defined as a separate legal entity that is owned and operated by a group of persons who have purchased shared in the business.

• Private Sector

• Cooperative

• Public Sector

• Company

A company is required to present the ALL but one of the following documents in order to be registered as a legally operating business.

• Articles of Association

• Shareholders Deed

• Notice of Director

• Memorandum of Association

Capital is limited given that the number of shareholders is restricted to 50. This statement is as disadvantage of a ____________

• Public limited Company

• Private Limited Company

Is best described as a

• Company

• Conglomerate

• Franchise

• Joint Venture

The following are list of Public sector organizations EXCEPT

• Revenue Center (Tax Office)

• Jamaica Constabulary Force

• Bank of Jamaica

• National Commercial Bank