Types of business organizations

Which type of private sector business organization is owned and run by one individual with no distinction between the owner and the business entity?

• sole traders

• partnerships

• private limited companies

• public limited companies

Which type of private sector business organization involves two or more people sharing ownership and operation of the business?

• partnerships

• sole proprietorship

• corporation

• franchise

Which type of private sector business organization limits the liability of its owners and restricts share transfers?

• private limited companies

• sole proprietorships

• public limited companies

• partnerships

Which type of private sector business organization can sell shares to the public and is listed on a stock exchange?

• public limited companies

• sole proprietorships

• partnerships

• private limited companies

Which type of private sector business organization allows individuals to operate their own business under the brand and business model of an established company?

• franchises

• sole proprietorships

• partnerships

• cooperatives

Which type of private sector business organization is formed when two or more businesses agree to work together on a particular project?

• joint ventures

• sole proprietorship

• public limited company

• franchise

What is the most common form of business organisation?

• Partnership

• Sole Trader

• Corporation

• Cooperative

A sole trader business is owned and operated by how many people?

• 1 person

• 2 people

• 3 people

• A group of people

The owner of a sole trader business is called the sole proprietor.

• True

• False

What must a sole trader do annually with the Government Tax Office?

• Register employees

• Send annual accounts

• Pay dividends

• Apply for a loan