Classification of Businesses by Legal Structure

A business entity with one owner is called a _________ trader.

The sole trader faces ________________ liability, which means the owner can be forced to sell his or her personal assets to pay for the debts of the business.

Partnerships normally consist of between two and ____________ partners.

Partners ___________ the profits and losses and usually operate under a formal agreement.

Partnerships have unlimited _______________ .

There are two types of company, private and ________________ .

A ______________ company usually has between two and fifty private shareholders.

A private company has the words Proprietary Limited abbreviated to _________________ written after it's name .

Public companies are listed on the Stock Exchange and the general public may buy and sell _________ in them.

Public companies must have the abbreviation __________ written after their name.