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Questions and Answers
What defines a partnership in a business context?
What defines a partnership in a business context?
- A public limited company offering shares to the general public.
- An organizational structure where a company acts independently.
- A legal agreement between two or more parties for profit sharing. (correct)
- A type of corporation limited by shares.
Which of the following is NOT a characteristic of a company?
Which of the following is NOT a characteristic of a company?
- Continuity of existence.
- Membership is restricted to family and friends. (correct)
- Limited liability of shareholders.
- Ability to raise capital through share issuance.
What is a major disadvantage of a partnership?
What is a major disadvantage of a partnership?
- Unlimited liability for partners. (correct)
- Limited authority of partners.
- Complexity of legal formation.
- Inability to raise funds.
What distinguishes a public company from a private company?
What distinguishes a public company from a private company?
Which of the following best describes a Joint Stock Company?
Which of the following best describes a Joint Stock Company?
Flashcards
Partnership
Partnership
A business structure where two or more individuals agree to share profits, losses, and responsibilities.
Partnership Deed
Partnership Deed
A formal document outlining the terms of a partnership, including responsibilities, profit-sharing, and dispute resolution.
Company
Company
An organization created by law, with separate legal identity from its owners, aiming to achieve specific goals.
Joint Stock Company
Joint Stock Company
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Private Company
Private Company
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Study Notes
Unit 1
- Define partnership, including advantages and disadvantages.
- Explain the characteristics of a business.
- Explain what a partnership deed is and explain the various contents.
- Explain the objectives of a business.
Unit 2
- Define a company, and its characteristics.
- Define a joint stock company.
- Explain features of a joint stock company.
- State the differences between public and private companies.
Unit 4
- Define business and its disadvantages.
- Define what is a business organization and its characteristics.
- Describe what a partnership deed is and explain its features.
Unit 5
- Define objectives and characteristics of business organizations.
- Describe organizational structure and explain different types of business organizations.
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