5 Questions
Which type of business organisation has complete control and requires a small amount of start-up capital?
Sole traders
What is a disadvantage of a partnership in terms of decision making?
Decisions do not bind all partners
What is a shared feature of limited companies?
Owned by its shareholders
What is a disadvantage of sole traders in terms of raising funds?
May not be able to raise funds
What is a popular reason for forming a partnership?
Overcoming disadvantages of sole traders
Test your knowledge of business organization types with this quiz covering the advantages and disadvantages of sole traders and partnerships. Evaluate your understanding of the set-up process, control, capital, and profits for sole traders, as well as the liabilities, fund-raising challenges, and competition issues faced by partnerships.
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