... Flashcards
1
Q
Sole trader owns the business
A
Sole Trader
2
Q
Sole trader manages the business
A
Sole Trader
3
Q
owner is liable for entire debt of business
A
Sole Trader
4
Q
income tax on profits paid by the owner
A
Sole Trader
5
Q
drawings by owner
A
Sole Trader
6
Q
no regulations, statements are private
A
Sole Trader
7
Q
the partners own the business
A
Partnership
8
Q
all partners take an active management role
A
Partnership
9
Q
each partners liable for entire debt
A
Partnership
10
Q
partners liable for OWN tax
A
Partnership
11
Q
drawings by partners
A
Partnership
12
Q
partnership act 1890, partnership agreement, statements are private
A
Partnership
13
Q
owned by members but separate legal entity
A
Limited Liability Partnership
14
Q
all members have active role
A
Limited Liability Partnership
15
Q
members can lose entire investment
A
Limited Liability Partnership
