WorksheetsDifferent types of businesses
Total questions: 27
Worksheet time: 22mins
Types of Business Structure
(a)
Does a Sole Trader business have limited or unlimited liability
Unlimited liability
Limited liability
How many people operate a Sole Trader business.
1
2
20
59
How are a Sole Traders business taxed
(a)
What are some advantages of a Sole traders business
Owner has full control
Person can leave company and it can still function
Owner keeps all the profits
Easy to set up
What are some Disadvantages to a Sole trader business
Unlimited liability
Expensive to set up
Little control over business
No one to share workload
How many people are in a partnership
1
2
20
59
Does a partnership have unlimited liability or limited liability
Limited liability
Unlimited liability
How are the profits distrubuted and taxed
(a)
What are some advantages to a partnership
Easy to establish
Partners bring in money and skills
Work can be shared amongst partners
Limited liability
Some disadvantages to a partnership.
Unlimited liability
No one to share workload
Less control over business
Rules must be set for partners leaving otherwise the partnership will end
At what rate are the private companies taxed.
15%
20%
40%
30%
59%
Does a Private Company have unlimted liablitity or limited liability
Unlimited liability
Limited liability
To what is the liability of a private company limited to
(a)
Whar are the maximum amount of shareholders in a Private Company
20
30
40
50
What type of tax return does a private company pay
(a)
What are some advantages to a Private Company
Limited liability
Not expensive to start up
Person can sell shares if they want to leave company
Owner has full control
What are some disadvantages to a Private Company
Must operate within the Corporations Act
Expensive to setup and profits are shared
Less say in the running of the business
Share profits
What do you have the option of doing as a franchisee
(a)
How is a francise taxed
(a)
What does the franchisee lease
(a)
What are some advantages to a franchise
Person can sell shares if they wish to no longer be apart of the franchise
Gain additional training and assistance
get a head start with established name and processes
be your own boss
What are some Disadvantages of a Franchise
Unlimited laibiltity
Must follow franchise rules
Share profits
What is a not for profit organisation set up for
(a)
What are the 3 stuctures for a Not For Profit Organisation
Charity
Incorporated association
Business
Cooperative
What makes a Not Profit Organisaton different from other businesses
(a)
What makes a public company different from a private limited company
(a)
