1 | P a g e
Faculty of Business and Law
Curtin Law School
Fundamental of Business and Corporations Law BLAW5016
Semester 1, 2023
Copyright Curtin University
FUNDAMENTAL OF BUSINESS AND CORPORATIONS LAW BLAW-5016
MODULE 7 – Worksheet Questions
BUSINESS STRUCTURES
Q1. State whether the following is an advantage or a disadvantage for a sole trader:
– Continuity of business –
– Ease of formation –
– Privacy –
– Capital –
– Management –
– Unlimited liability –
Q2. Complete the blanks in relation to a general partnership:
– As regards the size of a general partnership, the minimum partners are:
and the maximum partners are: .
– The law that governs the relationship of partners to outsiders is
– As regards relationship between partners, each partner is a of the
other partner.
Q3. Describe a limited partnership in terms of:
– Composition –
– Size
– Formation –
– Management –
Q4: State whether the following is an advantage or a disadvantage for a partnership:
– Continuity of business –
– Ease of formation –
– Privacy –
– Capital –
– Management –
– Unlimited liability –
2 | P ag e
Faculty of Business and Law
Curtin Law School
Fundamental of Business and Corporations Law BLAW5016
Semester 1, 2023
Copyright Curtin University
Q5: Which of the following statement is incorrect about partnerships?
a. Any general partner can bind the firm to an outsider as long as the transaction falls
within the usual course of business and that the outsider does not know that the
partner lacks authority
b. A retiring partner remains liable for all debts incurred by the partnership before he
retired
c. A new partner is not liable for debts incurred by the partnership before he joined
d. Partnership property does not belong to the partnership and therefore is for the use of
the partnership and for the individual partners.
Q6: Which of the following is NOT a characteristic of a joint venture?
– One-off enterprise
– Separate profits
– Share profits and losses
– Share physical output
Q7: State whether the following is an advantage or a disadvantage for a syndicate:
– Ease of formation –
– Privacy –
– Lack of permanence –
– Lack of fiduciary duty –
– Unrestricted competition –
Q8: Which of the following statement is incorrect regarding the differences in ownership and
management between a company and other forms of business organisations
a. In a partnership, general partners own and manage
b. In a joint venture, joint venturers own and manage
c. In a trust, ownership is split and trustee manages
d. In a company, the directors own and manage
Q9: Which of the following party/parties conduct the business carried on under a trust?
– Settlor
– Trustee
– Beneficiaries
3 | P ag e
Faculty of Business and Law
Curtin Law School
Fundamental of Business and Corporations Law BLAW5016
Semester 1, 2023
Copyright Curtin University
Q10: Match the party of the trust to the title of property