Introduction to accounting and finance - What kind of business ownership exist?
3 important questions on Introduction to accounting and finance - What kind of business ownership exist?
Name three types of business ownerships?
- Sole proprietorship
- Partnership
- Limited company
- Partnership
- Limited company
What are 3 advantages and 2 disadvantages of partnership compared to sole propriertoship?
Advantages
1) sharing burden of ownership
2) opportunity to specialise
3) ability to raise more capital
Disadvantages
1) risk sharing ownership with unsuitable individual
2) individual decision making is limited
1) sharing burden of ownership
2) opportunity to specialise
3) ability to raise more capital
Disadvantages
1) risk sharing ownership with unsuitable individual
2) individual decision making is limited
What is limited liability partnership?
A hybrid form of business ownership between partnership and limited
company. It has the attributes of partnership, but the business instead of the partners are responsible for debt.
company. It has the attributes of partnership, but the business instead of the partners are responsible for debt.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
Remember faster, study better. Scientifically proven.
