Business Structures 2 Flashcards
1
Q
Personal assets cannot be taken to repay the business debts.
A
Limited Liability
2
Q
Number of owners permissible in a company
A
1 to Unlimited
3
Q
You might see this when partners disagree
A
Conflict
4
Q
In this business structure the owners and the business are NOT seen as separate legal entities.
A
Sole Trader
5
Q
Directors often lose their limited liability by having to give these.
A
Personal guarantee
6
Q
A business structure with only one owner
A
Sole trader
7
Q
The document that spells out how partnership profits will be shared.
A
Partnership act
8
Q
A partnership is usually allowed this many partners
A
2 or more
9
Q
An owner in a company
A
shareholder
10
Q
When personal assets can be taken to pay business debts
A
Unlimited liability
