Local Business Identification and Research

Which of the following is an example of a business that can be a sole trader?

• Law firm

• Freelance graphic designer

• Public limited company

• Partnership

• Non-profit organization

Which of the following is a main feature of being a sole trader?

• Limited liability

• Shared decision-making

• Unlimited liability

• Corporate tax rates

What liability do sole traders have?

• Limited liability

• Unlimited liability

• No liability

• Joint liability

What sources of finance are available to sole traders?

• Bank loans

• Personal savings

• Venture capital

• Government grants

Which of the following is NOT a skill or attribute you would look for in a business partner?

• Trustworthiness

• Poor communication

• Financial acumen

• Problem-solving ability

• Shared vision

What difficulties could there be in going into partnership with a friend?

• Loss of friendship due to business disagreements

• Increased trust and understanding

• Guaranteed business success

• No challenges at all

Which of the following types of businesses can be a partnership?

• Sole proprietorship

• Corporation

• Limited liability company

• Law firm

• Accounting firm

Which of the following is a main feature of a partnership?

• Limited liability

• Unlimited liability

• Separate legal entity

• Single ownership

What liability does a partnership have?

• Limited liability

• Unlimited liability

• No liability

• Joint liability

What sources of finance are available to a partnership?

• Bank loans and overdrafts

• Issuing shares

• Venture capital

• Government grants