Business organisations

BCL – L1 – Q57 – Alternative forms and constitutions of business organisations

Explain key characteristics, advantages, and disadvantages of a sole trader.

Question

(a). Explain the key characteristics of being a sole trader. What advantages and disadvantages do they give?

(bi). Section 3 of Incorporated Private Partnerships Act, 1962 (Act 152) states that ‘Partnership means the association of two or more individuals carrying on business jointly for the purpose of making profits’. Suppose you had set up an unregistered business for buying and selling second-hand vehicles with two friends, and you decided to call it Triad Car Dealers, determine the following:

(i) Whether there can be a valid partnership with your two friends if you own 85% of the total assets of the business?

(ii) Who makes the decisions which affect the nature and running of the business?

(iii) Describe the liability of various partners for partnership debts.

Answer

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Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q55 – Alternative forms and constitutions of business organisations

List five rules applicable to a partnership in the absence of a contrary agreement.

Question

List FIVE applicable rules in a Partnership in the absence of a contrary agreement.

Answer

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Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q49 – Alternative forms and constitutions of business organisations

Explain steps to form a company and its legal constitution requirements.

Question

Explain the steps involved in the formation of a company and the legal requirements for its constitution.

Answer

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Tags: Business organisations, Company formation, Constitution, Corporate law, Legal requirements
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

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BCL – L1 – Q57 – Alternative forms and constitutions of business organisations

Explain key characteristics, advantages, and disadvantages of a sole trader.

BCL – L1 – Q55 – Alternative forms and constitutions of business organisations

List five rules applicable to a partnership in the absence of a contrary agreement.

BCL – L1 – Q49 – Alternative forms and constitutions of business organisations

Explain steps to form a company and its legal constitution requirements.

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BCL – L1 – Q57 – Alternative forms and constitutions of business organisations

Explain key characteristics, advantages, and disadvantages of a sole trader.

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BCL – L1 – Q55 – Alternative forms and constitutions of business organisations

List five rules applicable to a partnership in the absence of a contrary agreement.

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BCL – L1 – Q49 – Alternative forms and constitutions of business organisations

Explain steps to form a company and its legal constitution requirements.

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