P2P BLAW2006 (Chap1)

How many types of Business Structures?

Common Business Structures?

• Partnership

• Sole Trader

• Record Keeping

• Company

• Trust

An issue to consider when choosing Business Structures?

Other issues to consider when choosing Business Structures

• Asset protection

• Joint Venture

• Succession Planning

• Partnership

Liability of a Sole Trader

How many people does it take to form a Partnership?

Define 'Joint Venture'.

State 1 difference between Joint venture and Partnership

Basic 'Trust' Structure

• Beneficiary

  (Receives trust)

• Settlor

  (Creates trust)

• Supplier

  (Third Party)

• Trustee

  (Hold trust)

Types of Trust

• Fixed trusts

• Discretionary trusts

• Unit Trusts

• Beneficiary

2 types of company classified by liability