What document should a partnership write up before doing business?
Deed of Partnership
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gift
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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
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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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What is a partnership
When between two and 20 people set up a business together
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What certificate do you receive from the CRO that allows you to begin trading?
Certificate of incorporation
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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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trap
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lifesaver
Give 10 points!
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monster
Reset all scores!
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rocket
Go to first place!
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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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What are Co-Operatives?
Organisations formed by people with a common interest. At least 7 members needed
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What is limited Liability
the most an owner / shareholders can lose is the amount they invested into the business
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What are not-for-profit organisations?
Is set up to meet a charitable or social need in the community
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10
T/F: A franchise has unlimited liability?
False
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10
True or false: An advantage of being a sole trader is that you can keep all the profits?
