Forms of Ownership

The form of ownership with (Pty) Ltd as part of the business name:

• A public company

• private company

• state-owned company

• close corporation.

A form of ownership with 1-10 members:

• partnership

• private company

• close corporation

• public company.

A form of ownership with unlimited liability:

• close corporation

• state owned company

• sole trader

• private company.

The owners in a private company:

• 1

• 1-20

• 2-20

• no limit.

A form of ownership with limited liability:

• close corporation

• private company

• public company

• all of the above.

A document needed in the formation procedure of a company according to the new Companies Act (2008):

• partnership articles

• memorandum of association

• founding statement

• articles of association.

This refers to the ability of the business to carry on after the death or retirement of one or more owner.

• legal personality

• liability

• continuity

• all of the above.

Who manages a company?

• Board of Directors

• shareholders

• owners

• supervisor

How many directors does a public company need?

• 0

• 1

• 2

• 3

How many directors does a private company need?

• 0

• 1

• 2

• 3