Differences Between Forms of Ownership (Grade 11 NSC Matric Business Studies): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What type of liability does a sole proprietor have for business debts?
What type of liability does a sole proprietor have for business debts?
Unlimited liability
How many owners does a partnership require?
How many owners does a partnership require?
At least two people
What must a private company's business name end with?
What must a private company's business name end with?
Pty Ltd
What is the minimum number of directors required for a public company?
What is the minimum number of directors required for a public company?
Three directors
Can a private company (Pty Ltd) offer shares to the general public?
Can a private company (Pty Ltd) offer shares to the general public?
No, it cannot
What type of liability do directors have in a personal liability company (Inc.)?
What type of liability do directors have in a personal liability company (Inc.)?
Joint and several liability
Must a public company's financial statements be audited and published?
Must a public company's financial statements be audited and published?
Yes, both audited and published
What formal paperwork is needed to start a sole proprietorship?
What formal paperwork is needed to start a sole proprietorship?
None - can start immediately
How must a non-profit company (NPC) use any surplus profits?
How must a non-profit company (NPC) use any surplus profits?
Use for organisation's objectives
Who owns the assets of a state-owned company (SOC Ltd)?
Who owns the assets of a state-owned company (SOC Ltd)?
The government/state