True or false: The owners of a partnership have limited liability
False
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15
What document should a partnership write up before doing business?
Deed of Partnership
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heart
Other team wins 20 points!
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fairy
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25
rocket
Go to first place!
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baam
Lose 15 points!
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15
What certificate do you receive from the CRO that allows you to begin trading?
Certificate of incorporation
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15
What is limited Liability
the most an owner / shareholders can lose is the amount they invested into the business
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10
What are the three types of enterprises that the types of business ownership belong to ?
Financial, Cultural, Social
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20
What is a partnership
When between two and 20 people set up a business together
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boom
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rocket
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rocket
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lifesaver
Give 25 points!
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10
Can a 'not-for-profit' organisation have paid employees?
Yes
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20
Private Limited company
A company formed by between 1 and 149 people who combine their resources to start the business with limited liability
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15
What is a sole trader?
A person who owns and runs their own business
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20
What are Co-Operatives?
Organisations formed by people with a common interest. At least 7 members needed
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10
True or false: An advantage of being a sole trader is that you can keep all the profits?
True
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15
What is unlimited liability
The owner is responsible for all the debts of the business. The owner must repay all their debts even if that means selling their business along with thei
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seesaw
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gift
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fairy
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5
10
15
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25
baam
Lose 25 points!
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20
What is a franchise
An arrangement where one person is given permission to set up a branch of another person's business in return for a fee/ percentage of their sales
