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Questions and Answers
What is a company?
A business structure governed by the provisions of the Companies Act 2006.
Which of the following are forms of business mentioned?
There are approximately four million companies in England and Wales.
True
Businesses are generally set up to make a ______.
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What happens to the profit made by a business?
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Which Act governs all companies?
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Study Notes
Different Legal Forms of Business
- Sole Trader - a single individual who owns and runs the business.
- Partnership - two or more individuals who own and run the business.
- Limited Partnership - a partnership where at least one partner has limited liability.
- Limited Liability Partnership (LLP) - a partnership where all partners have limited liability.
- Public and Private Companies - entities with separate legal personality, meaning they are separate from their owners.
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Description
Explore the various legal structures that businesses can adopt, including sole traders, partnerships, and different types of companies. This quiz will enhance your understanding of the advantages and disadvantages of each business form. Test your knowledge and see how well you grasp the essentials of business law.
