19 Ownership

How many people can be in a partnership?

• 2
• 2-10
• 2-20
• Unlimited

Who do PLC's sell their shares to?

• General Public
• Family and Friends
• Employees
• Schools

If you have full responsibility for your business debts this is known as ...

• Unlimited Liability

• Limited Liability

• Personal Liability

Owners of stocks are called ...

• Board of Directors

• President

• Shareholders

• Franchisor

Which one of the following is the purpose of a sole trader?

• an association of two or more people as partners.

• an individual or company that holds a franchise for the sale of goods or the operation of a service.

• a person who is the exclusive owner of a business, who is also entitled to keep profit.

• an owner of shares in a company.

What document is necessary when forming a partnership?

• A Contract

• Deed of Partnership

• An Online Form

• Company Bylaws

What are the three major types of ownership?

• Franchise, Cooperative, Partnership
• Proprietorship, Partnership, Corporation
• Corporation, Franchise, Non-Profit
• LLC, S-Corp, Corporation

A written agreement to sell someone else’s product in a prescribed manner is called a?

• Certificate of Incorporation
• Franchise
• Partnership
• LLC

Who does limited liability benefit?

• Shareholders

• Stakeholders

• Sole Traders

• Franchisors

A person who sets up a business or businesses, taking on financial risks in the hope of profit is ...

• An Entrepreneur

• A Franchiser

• A Director

• A Sole Trader