Question 1

Select the key characteristic of a partnership:

1. This is a form of business that the owner has full control over the firm/company and the strategy employed and keeps all the profit for himself or herself.

2. It is limited to a maximum of 20 people, except in the case of certain professions, such as architects, attorneys, notaries and conveyancers, accountants and professional engineers.

3. The juristic person is separate from shareholder, this is in line with enabling promulgated legislation, that is, the Companies Act (Act 71 of 2008).

4. It may be established once a formation meeting of at least 5 persons has been held in order to agree on its establishment.