Business Structure Partnership

1.

Multiple Choice

5 mins

1 pt

-Two or more owners

-Lower taxes

-Unlimited Liability

Partnership

Sole Proprietorship

Corporation

All of the above

2.

Multiple Choice

2 mins

1 pt

A _______________ is a business owned jointly by two or more people.

Partnership

Corporation

Limited Liability Corporation (LLC)

Sole Propirtorship

3.

Multiple Choice

30 sec

1 pt

What type of paperwork is needed for a Partnership?

Business License

Partnership Agreement

Corporate Charter

Franchise Agreement

4.

Multiple Choice

45 sec

1 pt

Which of the following is a disadvantage of setting up a business as a partnership?

Shared losses

Shared workload

Shared profit

More ideas generated

5.

Multiple Choice

30 sec

1 pt

list two disadvantages of partnership (REM)

(I) partners might not all contribute equal

(ii) partnership has unlimited liability

(i) cash flow is often a problem

(ii) there could be a lack of capital and cash flow

(i) limited amount of capital available

(ii) ineffective services

6.

Multiple Choice

2 mins

1 pt

When one person has full responsibility and the other is “silent partner” it is a:

General Partnership (GP)

Limited Liability Partnership (LLP)

Limited Partnership (LP)

it is not a partnership

7.

Multiple Choice

30 sec

1 pt

How many partners are there in a typical partnership?

2

2-4

2-20

1

8.

Multiple Choice

30 sec

1 pt

More owners means more disagreements for what type of structure?

Public Limited

Partnerships

Private Limited

Sole Trader

9.

Multiple Choice

30 sec

1 pt

_______________is a legal term for being held accountable

Liability

Assets

Bankruptcy

Claim

10.

Multiple Choice

1 min

1 pt

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

Sole Proprietorship

Partnership

Corporation

Limited liability company

11.

Multiple Choice

1 min

1 pt

Advantages of this business include: easier to get money from the bank to start, share skills and share risks.

Sole Proprietorship

Partnership

Corporation

Limited liability company

12.

Multiple Choice

30 sec

1 pt

Owners of a _____________________ are personally liable for the company's actions and debts.

Franchise

Sole proprietorship

Partnership

Corporation

13.

Multiple Choice

30 sec

1 pt

A partnership in which two or more people or firms combine their resources to complete one complex project.

joint venture

silent partner

nominal partner

secret partner

14.

Multiple Choice

30 sec

1 pt

How is a general partnership organised?

Every partner shares equally in both responsibility and liability

The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership

No partner is responsible for the debts of the partnership beyond his or her investment

Only one partner is responsible for the debts of the partnership

15.

Multiple Choice

1 min

1 pt

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

The responsibility for the business is shared

The business is easy to set up

The partners are not responsible for business debts

The business is easy to sell

Explore this activity with a free account