36 Who is the legal persona in a company? 37 Does a company have continuity of existence? Motivate your answer. 38 Who pays the tax in a company? Why? 39 Does the owners of a company have limited or unlimited liability for the debt of the business? Why? 40 Look at the following table that has been partially completed for you. Complete the missing elements and explain if each element will contribute to the success or failure of the business. Ensure you motivate your answers. Characteristic: Sole trader Partnership Private co Public co Number of 1 ? ? ? owners Partners have Who has limited / unlimited liability Shareholders have unlimited ? ? AND are jointly limited liability liability? and severally liable Who is the legal ? ? ? ? entity? No special Name has to end Name has to end ? Name? requirements with ? with ? Continuity of ? No ? Yes existence? Owners pay tax in Who pays tax? personal capacity ? ? ? on profits received Managed by? Usually the owner ? Board of directors ? 41 When a business is insolvent, it ... A has cash flow problems B is bankrupt C is profitable D a good ROI 42 Which one of the following is a public company? A Famous Brands Ltd B John’s Fish & Meat restaurant C Gary and Partners D Georgies (Pty) Ltd 43 A Private company will be taxed at ... A 40% on the profit that the owners take from the business
36 Who is the legal persona in a company? 37 Does a company have continuity of existence? Motivate your answer. 38 Who pays the tax in a company? Why? 39 Does the owners of a company have limited or unlimited liability for the debt of the business? Why? 40 Look at the following table that has been partially completed for you. Complete the missing elements and explain if each element will contribute to the success or failure of the business. Ensure you motivate your answers. Characteristic: Sole trader Partnership Private co Public co Number of owners 1 ? ? ? Who has limited / unlimited liability? ? Partners have unlimited liability AND are jointly and severally liable Shareholders have limited liability ? Who is the legal entity? ? ? ? ? Name? ? No special requirements Name has to end with ? Name has to end with ? Continuity of existence? ? No ? Yes Who pays tax? Owners pay tax in personal capacity on profits received ? ? ? Managed by? Usually the owner ? Board of directors ? 41 When a business is insolvent, it ... A has cash flow problems B is bankrupt C is profitable D a good ROI 42 Which one of the following is a public company? A Famous Brands Ltd B John’s Fish & Meat restaurant C Gary and Partners D Georgies (Pty) Ltd 43 A Private company will be taxed at ... A 40% on the profit that the owners take from the business
Worksheet-Grade-11-Business-Studies-13-Dec-2015.docx