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Questions and Answers
Which of the following is not a type of business entity mentioned in the text?
Which of the following is not a type of business entity mentioned in the text?
- Sole trader
- Limited liability company
- Public unlimited company (correct)
- Cooperative
In which countries are approximate equivalents of 'private company limited by shares' given?
In which countries are approximate equivalents of 'private company limited by shares' given?
- Australia
- United Kingdom, Ireland, and the Commonwealth (correct)
- Canada
- United States
What type of business entity is formed to engage in charitable work or other allowable activities?
What type of business entity is formed to engage in charitable work or other allowable activities?
- Corporation (correct)
- Sole trader
- Statutory corporation
- Limited partnership
Which type of business entity involves a single individual as the owner and operator of the business?
Which type of business entity involves a single individual as the owner and operator of the business?
What are some types of business entities defined in the legal systems of various countries?
What are some types of business entities defined in the legal systems of various countries?
Which type of business entity involves a separate legal entity distinct from its owners and is owned by shareholders?
Which type of business entity involves a separate legal entity distinct from its owners and is owned by shareholders?
What type of business entity involves two or more individuals or entities managing and operating a business in accordance with the terms of a partnership agreement?
What type of business entity involves two or more individuals or entities managing and operating a business in accordance with the terms of a partnership agreement?
Which business entity type involves a business owned and operated by a single individual, providing no distinction between the business and the owner?
Which business entity type involves a business owned and operated by a single individual, providing no distinction between the business and the owner?
What type of business entity is formed to carry out charitable work or other allowable activities?
What type of business entity is formed to carry out charitable work or other allowable activities?
Which type of business entity involves a business where the liability of its members is limited to their investment in the company?
Which type of business entity involves a business where the liability of its members is limited to their investment in the company?
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Study Notes
Business Entities
- A sole proprietorship is a business entity where a single individual is the owner and operator of the business.
- A partnership is a business entity where two or more individuals or entities manage and operate a business in accordance with the terms of a partnership agreement.
- A company limited by shares is a business entity where the liability of its members is limited to their investment in the company, and is owned by shareholders.
- A charity or non-profit organization is a business entity formed to engage in charitable work or other allowable activities.
Business Entity Types Around the World
- In the UK, a private company limited by shares is equivalent to a 'Ltd' company.
- In Australia, a private company limited by shares is equivalent to a 'Pty Ltd' company.
Sole Proprietorship
- A sole proprietorship is a business entity type where the business is owned and operated by a single individual.
- In a sole proprietorship, there is no distinction between the business and the owner.
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