Ownership

Unlimited liability means the business and the owner have a separate identify

• True

• False

Which of the following have unlimited liability?

• Sole trader

• Private limited company

• Public Limited Company

• Partnership

Annual General Meetings must be held by private limited and public limited companies

• True

• False

Private limited companies can sell their shares on the stock exchange

• True

• False

One advantage of being a partnership is responsibility for running the business can be shared

• True

• False

What is limited liability

• The owners and the business are two separate entities

• The debts of the business are the debts of the owners

• Banks are more willing to lend money to businesses

Public limited companies are able to raise money through the sale of shares?

• True

• False

Which of these would typically be examples of a sole trader

• Builder

• Lawyer

• Doctor

• Hairdresser

Which of these might start as a partnership

• builder

• Lawyer

• Doctor

• Hairdresser

Which of these are advantages of being a partnership

• Increase profits

• Decision making is shared

• Debts as well as profits are shared

• Less chance of arguments.