EMS FORMS OF OWNERSHIP

A business with a minimum of two owners

• sole trader

• partnership

• private company

• public company

Unlimited liability means

• The personal possessions could be sold to pay debts of the business

• limited liability

• personal possessions

• All the answers are correct

There is no legal requirements for this type of ownership

• Advantage of a sole trader

• Characteristic of sole trader

• Advantage of a partnership

• Disadvantage of sole trader

There is greater availability of capital as credit as financial institutions are more likely to grant loans

• Advantage of sole trader

• Disadvantage of a partnership

• Advantage of Partnership

• Disadvantage of sole trader

joint - decision making may produce better results because wider expertise and experience involved

• advantage of sole trader

• advantage of a partnership

• disadvantage of sole trader

• disadvantage of partnership

Jointly and individually liable for any debts of the business

• advantage partnership

• disadvantage of a partnership

• advantage of sole trader

• Characteristic of partnership

Differences may arise among partners

• characteristics of partnership

• characteristics of sole trader

• disadvantage of sole trader

• disadvantage of partnership

Easy to transfer ownership

• advantage of sole trader

• disadvantage of partnership

• characteristic of sole trader

• characteristic of partnership

The owner is able to build good relationships with her or his customers

• advantages of sole trader

• disadvantages of partnership

• advantages of partnership

• disadvantage of sole trader

A business owned by one person

• partnership

• sole trader