Forms Of Business Organization - JSS1 Business studies Past Questions and Answers - page 1
Which of the following is the simplest form of business organization?
Partnership
Limited Liability Company
Sole Proprietorship
In a sole proprietorship, who owns and operates the business?
Multiple individuals
Single individual
Government
What is a characteristic feature of sole proprietorship?
Limited liability
Shared ownership
Unlimited liability
Which business organization offers the most direct control over decision-making?
Partnership
Limited Liability Company
Sole Proprietorship
In a partnership, how many individuals typically own the business?
One
Two or more
None
What is a key disadvantage of partnership?
Limited access to capital
Limited liability
Flexibility in management
Limited liability company (LLC) offers owners:
Unlimited liability
Limited liability
Shared ownership
Which business structure combines the flexibility of a partnership with the limited liability of a corporation?
Sole Proprietorship
Cooperative Society
Limited Liability Company (LLC)
What is a characteristic feature of cooperative societies?
What is a characteristic feature of cooperative societies?
Voluntary association
Unlimited liability
In a cooperative society, who has equal voting rights in decision-making?
Members
Managers
Government