Agency structure

Question 1

Forms of business ownership

Answer 1

1. Sole trader
   (simple, individuals who carry on business in their own name)
2. Company
   (seperate legal entity that can enter into contracts, sue or be sued, own and sell property or a business and sign legal documents)
3. Partnership
   (joint enterprise where two or more people carry on a business in common with a view to profit)
4. Trust
   (agreement between a number of parties)

Question 2

Organisational structure

Answer 2

• Independent agency

- Franchise