Business ownership Reading

What is a sole trader?

• A business owned and run by one person

• A business with multiple owners

• A large corporation

• A type of partnership

Which of the following is a disadvantage of sole trading?

• Unlimited liability

• Limited liability

• Shared decision-making

• More capital available

What is a partnership?

• A business with 2 to 20 owners

• A business owned by one person

• A large corporation

• A type of sole trading

Which document outlines the rules in a partnership?

• Deed of partnership

• Articles of association

• Memorandum of understanding

• Shareholder agreement

What is a private limited company?

• A business with limited liability

• A business with unlimited liability

• A type of partnership

• A sole trader business

What tax do private limited companies pay?

• Corporation tax

• Income tax

• Value-added tax

• Sales tax