WorksheetsY8 Business - Different Types of Businesses
Total questions: 15
Worksheet time: 16mins
Which business structure you choose could depend on e (a) profit
(lower case)
Unlimited liability
you have unlimited ability to do anything
you have full responsibility for somthing that goes wrong
you have small responsibility for something that goes wrong
you have no responsibility whatsoever
Correctly label the COST of setting up each business structure
Match the following definitions
A separate legal organisation that can get into debt, sue and be sued
Company
The simplest and most affordable business structure
Sole Trader
A business that involves a number of people who carry on a business together
Partnership
Correctly label the OWNER of setting up each business structure
Which business structure you choose could depend on p (a) risk
(lowercase)
Examples of a sole trader include
•Small local businesses
•Construction companies
•Large businesses
•Side hustles
•Businesses run from home
•Contractors (tradies)
•Husband/ wife
•Family business
•Legal/ medical/ accounting
•Startup between mates
Which structure may be best for a couple of friends starting an accounting business?
Sole Trader
Partnership
Company
Correctly label the COMPLEXITY of setting up each business structure
Which structure may be best for a tradie who is just starting out?
Sole Trader
Partnership
Company
Examples of a partnership include
•Small local businesses
•Construction companies
•Large businesses
•Side hustles
•Businesses run from home
•Contractors (tradies)
•Husband/ wife
•Family business
•Legal/ medical/ accounting
•Startup between mates
Correctly label the RESPONSIBILITY FOR DEBTS OR LOSSES of setting up each business structure
Examples of a company include
•Small local businesses
•Construction companies
•Large businesses
•Side hustles
•Businesses run from home
•Contractors (tradies)
•Husband/ wife
•Family business
•Legal/ medical/ accounting
•Startup between mates
Which structure would be best for a business which is high risk?
Sole Trader
Partnership
Company
Organize these options into the right categories
Low cost. Simple setup. You are responsible for decisions. You are responsible for loss
Medium cost. You and your partners make business decisions, but are also responsible for losses
Complex setup. Director makes decisions. Owners are not responsible
