Small Business Ownership

A business owned and controlled by one individual is what type of ownership?

Starbucks is an example of what type of business ownership?

• sole trader

• limited liability partnership

• franchise

• parthership

Decision making can be time consuming and sometimes this can lead to disagreement in what type of business ownership?

In a Franchise arrangement, who owns the business idea and decides how the business will be operated and run?

• franchisor

• franchisee

• partner

• franchise

Low start up costs and control over decisions is an advantage of what type of business ownership

• Franchise

• Partnership

• Sole Trader

• Limited liability

In an unlimited partnership, if there is debt to be paid, who has to pay it?

• The person who started the business

• The partners only have to pay up to the amount they invested

• The franchisor

• The partners have equal responsibility to pay all the debts

Banks are less keen to lend to this type of business owner?

• Franchisee

• Sole trader

• Limited liability Partnership

• Partnership

In a limited liability partnership, each partners of the business is not personally liable for the business debts if they cannot be paid.

• True

• False