Theory question 109
Business UnitsCommerce 2 (answer five questions)
(a) List five types of business units in Nigeria
(b) Give five main differences between a retail co-operative society and a public limited liability company
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(a) Sole proprietorship; partnership; private limited liability company; public limited liability company; co-operative society; public corporation (any five).
(b) Any five: aim – co-operative serves members' welfare (cheap goods), company aims at profit; control – co-operative: one member one vote; company: votes according to number of shares; surplus – co-operative shares surplus by patronage (purchases), company pays dividend according to shares held; membership – co-operative open to people with a common interest, shares not sold on the stock exchange, company shares sold to the public on the stock exchange; registration – co-operative registered under Co-operative Societies law, company incorporated under Companies Act; management – committee elected from members vs board of directors; size of capital – company usually much larger.
Present (b) point by point, comparing the two on the same feature.