Entrepreneur Forms of business ownership

What is the main advantage of being a sole trader?

• Unlimited liability

• Limited liability

• Be able to make quick decisions

Who is limited liability an advantage to?

• Shareholders

• Stakeholders

• Sole traders

What is a partnership?

• A business owned by shareholders

• One person trading alone

• Two or more individuals trading together

Who is a company controlled by?

• Shareholders

• Stakeholders

• Managers

What legal identity does a company have in the eyes of the law?

• No legal identity

• Its own legal identity

• As shared legal identity with shareholders

What is a business that sells the right to use a business idea?

• A franchisor

• A wholesaler

• A franchisee

Which of the following is NOT an advantage offered by a franchise?

• A prime location

• A tested product

• A well known brand

Who is a franchise bought by?

• A franchisor

• A franchisee

• A wholesaler

Which type of business does NOT usually have limited liability?

• A public limited company

• A multinational

• A partnership

Who has legal responsibility to settle debts in a company with unlimited liability?

• Owners

• Shareholders

• Stakeholders