Sole Trader, partnerships and cooperatives

An organisation is run and operated by one individual.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation is made up of at least 5 members who contribute to the running of the business.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation run and operated by 2 or more individuals.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation run by 2 or more individuals and is one which is considered a separate legal entity.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

Entrepreneurs are:

• Innovators

• Decision-makers

• Comfortable with risk

• All of the above

An unincorporated business is where

• The owner has limited liability

• The owner and the business are seperate

• The owner and the business are the same

• None of the above

The type of business where the owner keeps all the profit is a:

• Social enterprise

• Partnership

• Franchise

• Sole trader

The type of business with the most freedom to make your own decisions is a:

• Sole trader

• Partnership

• Franchise

• Government organisation

What is a partnership deed?

• A contract of employment between a firm and its employees

• A legal document outlining the rights and responsibilities of partners

• A government-issued certificate allowing partners to trade

• A tax document required for partnership registration

Worker cooperatives are:

• where members share the profit

• where employees share the profit

• where a sole trader earns the profit

• where the government earns the profit