Accounts

Sole trading business refers to a business owned and operated by a single individual. Merits include full control and quick decision-making, while demerits include unlimited liability and limited financial resources.

A partnership is a business structure where two or more individuals manage and operate a business together. Merits include shared decision-making and pooled resources, while demerits include unlimited liability and potential conflicts.

Private companies have restrictions on the transfer of shares and a limited number of shareholders, while public companies can freely transfer shares and have a large number of shareholders.

<p>A memorandum of association is a legal document that sets out the company's constitution, its objectives, and scope of operations. Clauses include the company's name, registered office, and objectives.</p> Signup and view all the answers

<p>Preference shares are shares that give their holders the right to receive dividends before ordinary shareholders. Types include cumulative preference shares, non-cumulative preference shares, redeemable preference shares, and participating preference shares.</p> Signup and view all the answers