Business Law Course Introduction
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Questions and Answers

What is required to start a sole trader business?

  • A business partner
  • Registration with a lawyer
  • Registration with tax authority
  • A declaration and professional certification (correct)

    • What is the sole trader responsible for in terms of business liability?

  • Only business finances
  • Only business property
  • Personal finances and property (correct)
  • Employee salaries

    • What is the advantage of being a sole trader in terms of profits?

  • Profits are divided among partners
  • Profits are taxed heavily
  • Profits are invested in new ventures
  • The sole trader can keep all the profits (correct)

    • What is required for record-keeping as a sole trader?

    <p>Records and accounts showing incomes and expenses</p> Signup and view all the answers

    What is the significance of a 'seat' in a sole trader business?

    <p>The official address of the business</p> Signup and view all the answers

    What is the minimum percentage of votes required for a qualified majority?

    <p>75%</p> Signup and view all the answers

    What is the purpose of minutes of meeting?

    <p>To prepare a written record of the meeting</p> Signup and view all the answers

    What is the term for when a company is closed by the registrar of companies due to inactivity?

    <p>Strike off by registrar of companies</p> Signup and view all the answers

    What is the term for a resolution where all votes are in favour of the motion?

    <p>Unanimity</p> Signup and view all the answers

    What is the method of voting where members vote on paper or electronically?

    <p>Poll</p> Signup and view all the answers

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