To be allowed to set up a business, Leon and the other owners should have full legal capacity. This means that they _______.a.do not need to have the capacity to pay their billsb.have to comply with the rules and regulations of the local authoritiesc.may not be under judicial managementd.may be insolvent

Because Leon and the other owners registered the enterprise as a private company, their liability would be _______.a.unlimited, which means they could lose their private assets if the enterprise goes bankruptb.limited to the capital they invested in the enterprisec.limited to their own personal debtsd.limited to the debts of the enterprise

One of the factors that Leon and the other owners had to keep in mind when they had to choose a form of enterprise, is legal personality. They decided to register the enterprise as a private company, which means that Leather for Africa _______.Select one or more:a.can own its own assetsb.can act in its own namec.cannot exist independently of Leon and the other shareholdersd.can exist independently of Leon and the other shareholders

Recall the key legal requirements in setting up a business.

Multiple Choice QuestionIf a business cannot meet its financial obligations it must sometimes file for ______.Multiple choice question.capacitybankruptcylegalityconsideration

What is ONE law that businesses must abide by. Provide some features of that law.