What is the main difference between a sole trader and an LLC?

ACC-W3-CCCU

Quiz
•
Business
•
Professional Development
•
Hard
RA Chandnie
Used 3+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Access to resources
Liability
Ownership structure
Revenue generation
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the level of personal liability in a sole trader setup?
Limited liability
No liability
Unlimited liability
Shared liability
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which business structure allows easier access to investors and capital?
Sole trader
Partnership
Limited liability company (LLC)
Corporation
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the main advantage of an LLC in terms of liability?
Limited personal liability
Unlimited personal liability
Shared liability
No liability
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Who owns a company?
Board of Directors
Management Team
Shareholders
Investors
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the board of directors' role in a company?
Oversee daily operations
Make strategic decisions
Handle financial management
Manage compliance
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Who is usually responsible for key decisions in a company?
CEO
CFO
COO
CTO
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