Sole traders/Partnerships/LTDs

Question 1

What sector of economy do they belong to

Answer 1

Private

Question 2

Sole trader ownership

Answer 2

One person

Question 3

Sole trader control

Answer 3

All decisions made by one person

Question 4

Sole trader finance

Answer 4

Bank loans
Mortgages
Grants
Personal savings

Question 5

Partnerships ownership

Answer 5

2-20 people (partners)

Question 6

Partnerships control

Answer 6

Controlled by all the partners

Question 7

Partnerships finance

Answer 7

Grants
Bank loans
Personal savings

Question 8

What does LTDs stand for

Answer 8

Private limited companies

Question 9

LTDs ownership

Answer 9

Shareholders who are invited to buy shares - they receive a dividend each year (percentage of profits)

Question 10

LTDs control

Answer 10

Board of directors

Question 11

LTDs finance

Answer 11

Bank loans
Grants
Mortgages
Inviting people to buy shares

Question 12

Legal documents

Answer 12

Partnerships - deed of partnership
LTDS - certificate of incorporation

Question 13

Liability

Answer 13

Sole trader - unlimited
Partnerships - unlimited
LTDs - limited