Partnership and Agency Law Flashcards
1
Q
What are unincorporated businesses like
A
Unincorporated: No separate legal identity; debts/liabilities belong to individuals running the business
2
Q
What are incorporated businesses like
A
Incorporated: Separate legal entity; business itself is responsible for obligations
3
Q
What must sole traders comply with
A
Must comply with Companies Act 2006 (ss1200-1206) if operating under a different name
4
Q
What are the different types of partnerships
A
The different types of partnerships are:
- General Partnership (GP)
- Limited Partnership (LP)
- Limited Liability Partnership (LLP)
5
Q
A
