What Is Business Flashcards
1
Q
Company
A
A separate legal entity
2
Q
Owners of a company are
A
Shareholders
3
Q
Sole trader
A
Most common
Individual completely owning their own business by themself
Can employ but employees don’t have share of business
4
Q
Unlimited liability
A
Owner is personally responsible for debts and liability
5
Q
3 adv of a sole trader
A
-You’re the boss
-Keep all profits
-Minimal paperwork, easy to set up
6
Q
3 disadv of sole trader
A
