6 Types of Business Organisation Flashcards
1
Q
What is a general partnership defined by?
A
Partnership Act 1890 (PA 1890)
2
Q
What is a limited partnership formed under?
A
Formed under the Limited Partnerships Act 1907.
3
Q
What is a limited liability partnership?
A
An artificial legal entity where the liability of the members is limited to the amount of capital they have agreed to contribute
4
Q
What is a partnership?
A
A partnership is a relationship which subsists between two or more persons carrying on a business in common with a view to profit
5
Q
What are the four types of partners?
A
- General partner
- Limited partner in a limited partnership
- Sleeping partner
- Salaried partner
6
Q
What is the limited liability partnership governed by?
A
Governed by Limited Liability Partnerships Act 2000. Legally separate from its members
