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Questions and Answers
What is a company?
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?
Which of the following are forms of business mentioned?
- Sole trader (correct)
- Corporation
- Partnership (correct)
- Limited liability partnership (correct)
There are approximately four million companies in England and Wales.
There are approximately four million companies in England and Wales.
True (A)
Businesses are generally set up to make a ______.
Businesses are generally set up to make a ______.
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What happens to the profit made by a business?
What happens to the profit made by a business?
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Which Act governs all companies?
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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