Forms of Business Ownership

The type of business structure that is owned and operated by only one person is known as a:

• Sole trader

• Partnership

• Private Company

• Public Company

The type of business structure that has between 2 to 20 owners is known as a:

• Sole trader

• Partnership

• Private company

• Public company

Which type of business structure generally has fewer than 50 owners, called shareholders?

• Sole trader

• Partnership

• Private company

• Public company

This type of business structure can have an UNLIMITED number of owners in the business, known as shareholders. What is it called?

• Sole trader

• Partnership

• Private company

• Public company

Which two forms of business structures have unlimited liability?

• Sole traders and public companies

• Sole traders and partnerships

• Private and public companies

• Partnerships and private companies

Which two forms of business structures have limited liability?

• Sole trader and partnerships

• Sole trader and public companies

• Partnerships and private companies

• Public and private companies

Rosie's Crochet Business is an example of a:

• Sole trader

• Partnership

• Public company

• Private company

TRUE or FALSE - you can purchase shares in a private company on the Australian Stock Exchange.

• TRUE

• FALSE

Which of the following would NOT be a characteristic of a partnership business?

• Partners share their profits and losses equally

• Details of what partners are responsible for are specified in a partnership agreement

• It is common for people with similar skills to form a partnership

• Partners have limited liability

Which of the following would NOT be a disadvantage of a sole trader business?

• The owner has to perform a wide variety of tasks

• Disputes between co-owners can arise

• The owner may often work long hours because they have no one else working for them

• If the owner gets sick it is difficult to take time off