Business Structures

sole traders have

• full control and personal liability

• shared control with partners

• full control but limited liability

• limited control and no liability

limited companies (2 answers)

• have a legal identity

• are run by shareholders

• can be of two types

• can't operate on a large scale

partners who only invest capital but don't run the business are called limited partners or

organisational chart

• referts to the role of the CEO

• illustrates the company hierarchy and the different department

• organises only the chain of command

• shows the responsibilities of each department

Which type of business does not have limited liability?

• public limited company

• multinational

• general partnership

• limited partnership

Compare private and public limited companies.

Evaluate responses using AI:

OFF

Which is the right definition?

• people who share the ownership of a company

• a person who invests in a business but doesn't take an active part in managing it

• a person who provides work

• a person or organisation's responsibility for payment of debts

Which of the following are types of limited companies?

• partnerships, private limited companies

• cooperatives, public limited companies

• private limited companies, public limited companies

• limited partnerships, public limited companies

What is a partnership?

• Two people working together

• one person trading alone

• two or more individuals trading together

• a business owned by shareholders

Which is the right definition?

• people who share the ownership of a company

• a person or organisation's responsibility for payment of debts

• something that belongs to an individual/business and has value

• when two or more companies join together to form a bigger company