Setting up an Enterprise — Practice Quiz
NIOS · Class 10 · Entrepreneurship
Try a 4-question quiz on Setting up an Enterprise for NIOS Class 10 Entrepreneurship: tap an answer to check it and see why.
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What is an enterprise in entrepreneurship?
Which form of enterprise is owned and run by one individual?
Which feature belongs to a sole proprietorship?
Which Act governs partnership firms?
Sample Questions
What is the liability of partners in a partnership firm?
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Unlimited liability
Partners in a partnership firm have unlimited liability, meaning personal assets can also be used to meet business liabilities.
Which form of organisation is a hybrid of partnership and company?
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Limited Liability Partnership
An LLP is a hybrid form of organisation containing features of both a traditional partnership and a company.
Which Act governs a limited liability partnership?
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LLP Act, 2008
LLPs are governed by the Limited Liability Partnership Act, 2008.
What is the minimum number of persons needed to incorporate an LLP?
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Two
An LLP requires a minimum of two persons for incorporation.
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