Business Ownership

You have to be over 18 to start a business

• True

• False

Some businesses are owned by their customers

• True

• False

A sole trader is owned by ___ person

Sole traders can employ others

• True

• False

Sole traders have Limited Liability

• True

• False

Sole trader is hard to set up and required lots of paperwork

• True

• False

Disadvantages' of sole trader

• Very stressful

• Keep all the profits to yourself

• You can lose everything you own

• Need to be expert at everything

Aim of sole trader

• Make a loss

• Make a profit

• Hire lots of employees

Partnership is formed of ...

• 1 person

• 2 people

• 2 or more people

Partnerships are formed with a deed of partnership

• True

• False