SGS Business 1.4.1 Options for startup and small business

A sole proprietor has to share the profits made by the business. True or False?

• True

• False

Select TWO true statements that relate to a sole trader.

• Sole traders have limited liability

• Sole traders get to make all their own decisions about the business

• Sole traders may find it harder to raise funds for the business

• Sole traders usually get more holidays than partners or directors

Which type of business has only one owner?

• Sole Trader
• Partnership

Which type of business can have two or more employees?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business has the most trouble getting financing?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business is private?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business has unlimited liability?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business is the owner allowed to keep 100% of the profits?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business has limited scope for expansion and might not continue upon death of the owner?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business has no legal distinction between the business and owners?

• Sole Trader
• Partnership
• Both
• Neither