Classification of Businesses by Legal Structure

A business entity with one owner is called a (a)   trader.

The sole trader faces (a)   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 (a)   partners.

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

Partnerships have unlimited (a)   .

There are two types of company, private and (a)   .

A (a)   company usually has between two and fifty private shareholders.

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

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

Public companies must have the abbreviation (a)   written after their name.