Business 1.4 Flashcards
1
Q
Liability
A
Unlimited - Owner and business are the same entity (responsible for debt)
Limited - Business and owners are seperature entities (not responsible for debt)
2
Q
Sole trader advatages
A
Keps profit
Control of the business
3
Q
Sole trader disadvatages
A
Unlimited liability
Longer hours
Seen as more risky
4
Q
Partnership advatages
A
More experience
Easy to set up
Liability is shared
5
Q
A
