Beginning of Session 3 Business env recap Business and Contracts

Indicate what business type the following relates to: No formal rules to follow

• Sole trader

• Limited company

Profit taken out of the business in the form of drawings relates to

• Sole trader

• Limited company

Ellie and Cameron run a small business making hand made clothes . They each put in £2,000 into the business . They share decision making and any debts and any profit. What type of business ownership is this?

• Sole trader

• Limited company

• Partnership

• Charity

Select the type of business that is being referred to :- an incorporated business is a ?

• Partnership

• Public limited company

• Sole trader

A contract in relation to illegal activity is

(a)  

Choose the correct option for the following statement- A contract was signed to purchase a building is

• Void

• Voidable

• Valid

• Remedy