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BUSA 2106 exam 2 Questions and Answers 100% Pass £8.78
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BUSA 2106 exam 2 Questions and Answers 100% Pass

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  • Module
  • BUSA 2106
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  • BUSA 2106

BUSA 2106 exam 2 Questions and Answers 100% Pass Sole Proprietorship - also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. General Partne...

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  • November 30, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSA 2106
  • BUSA 2106
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BUSA 2106 exam 2 Questions and Answers 100% Pass


Sole Proprietorship - ✔✔also known as the sole trader or simply a proprietorship, is a type of business

entity that is owned and run by one natural person and in which there is no legal distinction between the

owner and the business.


General Partnership - ✔✔A arrangement by which partners conducting a business jointly have unlimited

liability, which means their personal assets are liable to the partnership's obligations.


Limited Partnership - ✔✔is a form of partnership similar to a general partnership, except that where a

general partnership must have at least two general partners (GPs), a limited partnership must have at

least one GP and at least one limited partner.


Limited Partner - ✔✔Partners who invest capital but do not participate in management and are not

personally liable for partnership debts beyond their capital contributions


General partner - ✔✔Partners who invest capital, manage the business, and are personally liable for

partnership debts


Certificate of limited partnership - ✔✔sets rules for limited and general partners in limited partnership


Limited liability companies - ✔✔is the United States-specific form of a private limited company. It is a

business structure that combines the pass-through taxation of a partnership or sole proprietorship with

the limited liability of a corporation.


Member - ✔✔Owner of an LLC


Articles of organization - ✔✔Formal documents that must be filed at the secretary of state's office of the

state of organization of an LLC to form the LLC




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