Legal Structures for Start-up Businesses in the UK (Version 2)

Which of the following is a legal structure available to start-up businesses in the UK?

• Sole Proprietorship

• Sole Trader

• Corporation

• Non-Profit Organization

Which of the following is an incorporated legal structure available to start-up businesses in the UK?

• Partnership

• Sole Trader

• Private Limited Company

• Limited Partnership

Which of the following is an unincorporated legal structure available to start-up businesses in the UK?

• Limited Liability Partnership

• Private Limited Company

• Corporation

• Partnership

Which of the following is a type of partnership available to start-up businesses in the UK?

• Sole Trader

• Limited Partnership

• Private Limited Company

• Corporation

What is incorporation?

• A legal process of forming an entity recognized in law

• A process of merging two companies

• A method of dissolving a business

• A way to increase business profits

What does it mean for a business to be unincorporated?

• The business is legally the same as the owner(s)

• The business is legally different from the owner(s)

• The business is a non-profit organization

• The business is a government entity

What does it mean for a business to be incorporated?

• The business is legally different from the owner(s)

• The business is legally the same as the owner(s)

• The business is a sole proprietorship

• The business is a partnership

What does liability refer to in a business context?

• Being legally responsible for any debts or financial commitments of a business

• The ability to generate profit

• The process of hiring employees

• The strategy for marketing products

How many types of liability are there?

• One

• Two

• Three

• Four

Which of the following is a type of liability?

• Financial Liability

• Operational Liability

• Unlimited Liability

• Strategic Liability