Registering Your Business

Select the types of partnerships that the speaker (Nicole) mentioned

• Limited Liability Partnership

• General Partnership

• Limited Liability Limited Partnership

• Limited Partnership

Answer explanation

yay you got it right!

TRUE or FALSE: In a Limited Liability Partnership, a person can contribute to the business without being involved in its operations.

• TRUE

• FALSE

Answer explanation

a Limited liability partnership usually is only available to a group of professionals, such as lawyers, accountants or doctors.

TRUE or False: In a General Partnership, each partner is jointly liable for the debts of the partnership.

• TRUE

• FALSE

Answer explanation

GOOD JOB!

Is 'Unlimited Liability' an advantage or a disadvantge for partnerships?

• Advantage

• Disadvantage

Answer explanation

hehe smarty pants 🤓

Choose ALL that applies: What are the advantages of a Corporation?

• Limited liability

• Ownership is transferable

• Tax advantage

• Continuous existence

Answer explanation

okaaayy I see you 😎👏🏽

How long should you keep your records for?

• 5 years

• 6 years

• 7 years

• 8 years

Answer explanation

love that you were paying attention!

TRUE or False: If your business is incorporated, you will have to file a separate corporate tax return.

• TRUE

• FALSE

Answer explanation

Impressive 😏

Draw your favourite fruit! make it look cute

Answer explanation

Picasso who?👀