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 (C)</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 (C)</p> Signup and view all the answers

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

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

What is the purpose of minutes of meeting?

<p>To prepare a written record of the meeting (D)</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 (B)</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 (C)</p> Signup and view all the answers

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

<p>Poll (D)</p> Signup and view all the answers

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