Business Mediums Flashcards
1
Q
Incorporated associations
A
Separate legal entity to their owners
Limited liability - personally liable for the amount they invested in the company
1
Q
Unincorporated associations
A
No separate legal entity to their owners
Not legally registered
2
Q
Separate legal personality
A
Legal entity
Can enter into contracts in their own name
Can be sued or can sue
3
Q
Concept of limited liability
A
Personally liable for the amount they have invested in the company
4
Q
Types of unincorporated associations
A
- Sole trader
- Partnership
- Limited partnership
5
Q
Types of incorporated associations
A
- Company; private and public
- Limited liability partnership
6
Q
Limited partnership
A
- One general partner
- One limited partner - cannot be involved in the management of the partnership
