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AAT Level 4 - DAIF > Business Organisations > Flashcards

Business Organisations Flashcards

1
Q

Who owns a sole trader?

A

The sole trader

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2
Q

What is the legal status of a sole trader?

A

The sole trader is the business

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3
Q

How many members of a sole trader?

A

One

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4
Q

What is the liability for a sole trader?

A

The sole trader has unlimited liability for the debts of the business

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5
Q

What legislation are sole traders bound by?

A

None

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6
Q

What regulations are sole traders bound by?

A

None

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7
Q

What is the management of sole traders?

A

The owner makes all decisions

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8
Q

What are the requirements of a sole traders financial statements?

A

They are private, so not available to the public

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9
Q

Who owns a partnership?

A

The partners

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10
Q

What is the legal status of a partnership?

A

The partners are the business

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11
Q

How many members of a partnership?

A

Between 2 and 20 (normal maximum)

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12
Q

What is the liability for a partnership?

A

Partners normally liable for entire partnership debt

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13
Q

What legislation are partnerships bound by?

A

Partnership Act 1890

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14
Q

What regulations are partnerships bound by?

A

Written or oral partnership agreement

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15
Q

What is the management of partnerships?

A

All partners normally take an active part

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16
Q

What are the requirements of a partnerships financial statements?

A

They are private, so not available to the public

17
Q

Who owns a limited liability partnership?

A

The members

18
Q

What is the legal status of a limited liability partnership?

A

Separate legal entity from its members

19
Q

How many members of a limited liability partnership?

A

2 or more, with at least 2 designated members
(who have responsibility for keeping and filing accounts)

20
Q

What is the liability for a limited liability partnership?

A

Members can only lose their investment

21
Q

What legislation are limited liability partnerships bound by?

A

Limited Partnership Act 2000

22
Q

What regulations are limited liability partnerships bound by?

A

Written or oral LLP agreement

23
Q

What is the management of limited liability partnerships?

A

All members entitled to take an active part

24
Q

What are the requirements of a limited liability partnerships financial statements?

A

Must be filed at Companies House where available to the public

25
Q

Who owns a limited company?

A

Owned by the shareholders

26
Q

What is the legal status of a limited company?

A

Separate legal entity from its members

27
Q

How many members of a limited company?

A

Minimum of one shareholder, no maximum

28
Q

What is the liability for a limited company?

A

Shareholders can only lose their investment

29
Q

What legislation are limited companys bound by?

A

Companies Acts

30
Q

What regulations are limited companys bound by?

A

Articles of Association

31
Q

What is the management of limited companys?

A

Directors and authorised employees

32
Q

What are the requirements of a limited companys financial statements?

A

Must be filed at Companies House where available to the public

AAT Level 4 - DAIF (11 decks)

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