Business Entities

Is recognised as separate legal entity?

• Company

• Sole Trader

• Partnership

A partnership must have a partnership agreement?

• True

• False

This is not an example of a business organisation.

• Sole Trader

• Employee

• Partnership

• Company

Sole Trader will need to register with HMRC for self-assessment of Income Tax

• True

• False

Financial Statements should include personal transactions of the business owner

• True

• False

Owners of a company are the shareholders and are managed by its Directors

• True

• False

A business owned and operated by one person

• Company

• Sole Trader

• Partnership

A partnership can employ managers to help run the business

• True

• False

If Sole trader's business fails their personal assets are protected

• True

• False

There is formal registration process with Companies House

• Company

• Sole Trader

• Partnership