BUSINESS OWNERSHIP

Select three types of business ownership

• Nonprofit Corporation

• Sole Proprietorship

• Partnership

• Companies

Which best describe about Sole Proprietorship

• Business owned by two or more individuals

• Private limited

• Public limited

• Business owned by one person

Select three advantages Sole Proprietorships

• Retaining all business profits

• Total independence in decision making

• Full total responsibility

• Limited access to funds

Select two types of business partnership

• Private limited

• General Partnership

• Limited Liability Partnership

• Public limited

Select three disadvantages of Partnership

• Limited life span

• Shared profits

• Share control

• Direct rewards

Which best describes general partnership

• protection of limited liability to its partners

• Manage company, receives salary and shares company's profits or losses

• has legal status of body corporate

• offers flexibility formation, maintenance and termination

Which three best describe Limited Liability Partnership

• Protection of limited liability

• Formed by professionals for the purpose of carrying on their professional practice

• Manages company, receives salary and share company's profits or losses

• Legal status of body corporate capable of suing and being sued

Select two types of business companies

• Private limited (Sdn. Bhd./Pt. Ltd.)

• Public limited (Bhd./Ltd.)

Which three best describe Private Limited Company

• Owned by 2 or more but less than 50 people

• Owners/shareholders will elect the Board of Director

• Owners/shareholders responsible for establishing the general policies and appoint president

• Shares can be easily purchased/sold by investors

Which three best describe Public Limited Company

• Owners/shareholders will elect the Board of Director

• Owned by 7 or more people

• Shares can be easily purchased/sold by investors

• Can be listed or unlisted in on the stock exchange