Introduction to Company & Incorporation Flashcards
Forms Of Business
- Sole Trader
- Partnership
- Company
Sole Trader
Individual who Own and Operate his own Business
Define Partnerships
Group of individuals who owns and operates his own Business
What is the Main Difference between Sole trader & Partnership
Sole Trader is run by only one individual while In Partnership the group of individuals
Sole trader who is liable for debts
Individual personally Laible for debts
What Liability of Sole trader
Unlimited
In Partnership who is liable for debts
Every Partner Both personally and Jointly Liable to pay the debts
In Sole Trading who is Liable for breach of Contract?
Individual personally Laible for Breach Of Contract
In Partnership who is Liable for breach of Contract?
Every Partner Both personally and Jointly Liable to Breach of contract.
Which one of below is a legal person
1. Sole Trader
2. Partnership
3. Company
Company
Which of below are not legal persons?
1. Sole Trader
2. Partnership
3. Company
- Sole Trader
- Partnership
which of the following have Separate Legal entity?
1. Sole Trader
2. Partnership
3. Company
Company
Define Members in a company
Member is the person who having Shares and also registered in the company shareholders register.
Define Sponsor
the person affiliated with company from Idea to Registration of company
What is Doctrines of Corporate Personality?
company possess legal rights and obligations just like individuals.
