Legal Entities

Identify the Unincorporated business organisations. (There is more than one answer)

• Sole Trader

• Limited Company

• Limited Partnership

• Limited Liability Partnership

There are 3 types of partnerships: Limited partnership, Limited Liability Partnership and what other type of partnership?

Which ONE of the following is the minimal value of issued shares a limited company must have to become a public limited company?

• £5000

• £50,000

• £8000

• £80,000

Which ONE of the following is the government act that introduced community interest companies (CICs) in the UK?

• a.    Companies Act 2016

• a.    Companies Act 1986

• a.    Companies Act 2006

• a.    Companies Act 1956

What is the minimum percentage of profit a community interest company must state in its asset lock?

Explain the main benefit of starting an incorporated business organisation.

Explain ONE advantage of being a sole trader.

What is a multi-national corporation?

• A company that sells to more than one country

• A company that operates in more than one country.

• A company that imports from more than one country

Provide one major difference between a Private Limited Company (LTD) and a Public Limited Company (PLC).

How many members can a cooperative be limited to?

• 100

• 500

• 300

• No limits