Unincorporated business

Is a business that is owned by just one person.

• Sole Trades

• Partnership

• Unlimited liability

• Separate legal identity

Answer explanation

Is the money that a person or business owes.

• Separate legal identity

• Debt

• Sole Traders

• Profits

Is a business owned by two or more people.

• partnership

• sole trader

• Unlimited liability

• Debt

The owners of a business must pay all of its debts, even if they have to use their personal resources to do so.

• Separate legal identity

• Unlimited liability

• unincorporated business

• Profit

Is a business that does not have a separate legal identity from its owners. The owners are responsible for all the actions and debts of the business.

• Debt

• Separate legal identity

• Unlimited liability

• unincorporated business

Is a business owned by two or more people.

• Unlimited Liablility

• Partnership

• Sole Traders

• Debt

one of the advantages of sole traders is relatively easy to set up.

• True

• False

sole traders are unincorporated businesses. This means the owners have unlimited liability and no separate legal identity from the business.

• True

• False

Sole traders may easy to get the capital needed to grow the business.

• True

• False

One of the advantages of partnership where is more than one person to invest capital in the business.

• True

• False