Revision 1.6 Ownership

Who is limited liability an advantage to?

• Shareholders in a LTD or PLC

• Sole Traders

• Partnerships

What is a partnership?

• A business owned by shareholders
• One person trading alone
  
• Two or more individuals trading together

A form of business ownership in which the owners share the risk of loss and the chance for profit is a(n)

• partnership
• sole proprietorship
• corporation

Although this type of business can be formed through a verbal agreement between two or more individuals, it is better to have a written agreement

• Proprietorship
• Partnership
• Corporation
• Franchise

Owned by one individual.

• Sole Trader
• Partnership
• Corporation
• None of the above

Often the riskiest to own, but owner does not share profit.

• Sole Trader
• Partnership
• Corporation
• None of the above.

What is the main advantage of being a sole trader?

• Unlimited liability
• Limited liability
  
• Be able to make quick decisions

Companies with "Ltd" in the name are...

• Public Limited companies
• Private Limited comanies

Companies with "PLC" in the name are...

• Public Limited companies
• Private Limited comanies

Public limited companies are owned by 

• Shareholders
• Board of directors
• Friends and family
• Partners