Limited And Unlimited Flashcards by nerf vs life

Q

Unlimited liability-

A

Owners property can be taken by debtors

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Limited liability-

A

Debt stops at Owners property

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Sole trader-

A

Individual who runs a business.

Has unlimited liability

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Advantage of being a sole trader-

A

All profits go to yourself

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Disadvantage of sole trader-

A

Can lose your own property,

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Partnership-

A

Two people run a business

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Partnership-

A

When two people decide to run a business together

How well did you know this?

1

Not at all

2

3

4

5

Perfectly