BCL – L1 – SA – Q95 – Alternative Forms

Definition of a voluntary association for social or economic goals.

Question

…………………refers to a voluntary association of individuals formed for the purpose of obtaining a particular social or economic goal.

A Illegal Association

B Partnership

C Incorporation

D Company

Answer

Explanation:
The correct answer is D because a company is a voluntary association formed to achieve social or economic goals, such as profit or non-profit objectives. Illegal associations (A) are unlawful, partnerships (B) are a specific type of association, and incorporation (C) is a process, not the association itself.

Tags: Business Goals, Company Law, Voluntary Association
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

Uploader: Samuel Duah