Forms of Businesses
Forms of Businesses Quiz
Test your knowledge about different forms of businesses with this engaging quiz! From Sole Proprietorships to Limited Partnerships, challenge yourself to see how much you really know about these business entities.
You'll learn about:
- The number of partners in a Sole Proprietorship
- Costs associated with registering a business
- Liabilities in different types of partnerships
What is the maximum number of partners a Sole Proprietorship can have?
1
2
20
None
How much does it cost to register a business?
$115 per year
$350 per year
$1,500 per year
Free of charge
A (Business) Partnership cannot have more than...
2 partners
5 partners
20 partners
24 partners
Say a Sole Proprietorship has failed, and the Owner owes his suppliers $100,000..... YET...the business only has $10,000.... What can he do....??
He must dig into his own assets to settle all debts in full!
He only has to pay the first creditors up to $10,000 that he has in the business!
He already closed the business, so there's no need to pay anyone!
If you have a Business Partnership, and your Partner has unfortunately passed away, what are your options?
Continue the Business as registered, as usual!
Convert the Business into a Sole Proprietorship, and carry on!
Get a new Business Partner!
Close down the Business Partnership!
If a Limited Liability Partnership fails, the burden to repay the creditors would fall on...
The LLP itself and how much assets it owns
..the Partners! They would have to cough up whatever balance, if the LLP doesnt have enough assets to cover debts!
..no one! Cos the LLP has already ceased business!
In a Limited Partnership, the General Partner is responsible for
All the actions of the Company
All the actions of the Limited Partner(s)
50% of the actions of the Company
The action of the Company and the other Limited Partners in equal shares
A registered Company can own the following classes of assets:
Properties (houses, factories etc)
Vehicles (Cars, vans, bikes etc)
Hard Commodities (gold, currencies)
All of the above
None of the above
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