Business Studies June exam P2 (Hard)

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What term describes disparities in opportunities and treatment based on social status?

Inclusivity

Economic Participation

Inequality (correct)

Poverty

How does cyclical poverty perpetuate itself across generations?

Through providing equal opportunities

Through inclusive business practices

Through increased consumer markets

Through access to quality education and employment (correct)

What impact does poverty have on the consumer markets?

It leads to inclusive opportunities

It expands consumer markets

It diminishes consumer markets (correct)

It fosters cyclical poverty

Why do poverty and inequality often lead to increased crime rates?

Necessitating higher spending on security measures Signup and view all the answers

What is the main aim of inclusivity within a business context?

To foster a skilled workforce Signup and view all the answers

Which term is used to define the deprivation of essential needs and services such as adequate housing and healthcare?

Poverty Signup and view all the answers

In a Jointly and Severally scenario, what does it mean when it is stated that each owner is individually and collectively responsible for the entire debt of the business?

Each owner is liable for the entire debt individually and collectively. Signup and view all the answers

In a Sole Proprietorship, what is the continuity of the business dependent on?

The participation of the owner Signup and view all the answers

What is a distinguishing factor between a Partnership and a Close Corporation in terms of management?

Partnerships are managed solely by partners, while Close Corporations are managed by appointed managers. Signup and view all the answers

What is a significant difference regarding the formation process between a Private Company (Pty Ltd) and a Public Company (Ltd)?

Private Companies need to issue a prospectus, while Public Companies do not have to follow this step. Signup and view all the answers

In a Co-operative, what is the role of the board of directors in the management of the business?

The board of directors is elected by members and governs the business. Signup and view all the answers

What aspect of ownership in a Partnership and a Close Corporation significantly differs in terms of continuity?

In a Partnership, continuity is limited by the number of partners, whereas in a Close Corporation it exists independently of members' status. Signup and view all the answers

What type of risk-takers are entrepreneurs according to the text?

Calculated risk-takers Signup and view all the answers

Why is flexibility and adaptability crucial for entrepreneurs?

To adjust to market demands Signup and view all the answers

What quality ensures entrepreneurs are accountable for business outcomes?

Desire for responsibility Signup and view all the answers

How are corporations and close corporations different from sole proprietorships regarding 'Legal Personality'?

Corporations have separate legal identities Signup and view all the answers

What legal term describes a business's ability to continue operations despite the exit of any owners?

Continuity Signup and view all the answers

Which type of liability makes owners personally responsible for all business debts?

Unlimited Liability Signup and view all the answers

How are corporations and close corporations different from partnerships regarding 'Liability'?

CCs have unlimited liability Signup and view all the answers

In what way are sole proprietors and partnerships different concerning the amount of tax paid?

Partnerships are taxed based on personal income rates Signup and view all the answers

What is the key factor in determining the tax paid by corporations?

Corporate tax rates on profits Signup and view all the answers

What is involved in the 'Formation Procedure' of a business?

Legal steps to officially establish operations Signup and view all the answers

What can lead to increased spending power and demand for products and services in a thriving community?

Rising standard of living Signup and view all the answers

Which stakeholder plays a crucial role in advocating for employee benefits and fair labor practices?

Trade Unions Signup and view all the answers

What can enhancing a company's reputation, customer loyalty, and increased profits result from?

Investing in community well-being Signup and view all the answers

What can help in directly reducing poverty and improving community well-being?

Economic Investment programs Signup and view all the answers

What helps employees advance their careers and contribute to a more skilled workforce?

Employee Training Signup and view all the answers

What is one crucial role of entrepreneurs?

Create employment opportunities Signup and view all the answers

What is a prominent quality of entrepreneurs related to spotting business opportunities?

Creativity Signup and view all the answers

What part of an entrepreneur's role often requires the ability to secure financing and manage it wisely?

Taking calculated risks Signup and view all the answers

What trait of successful entrepreneurs allows them to persistently pursue their business goals?

Perseverance Signup and view all the answers

What encapsulates traits that are critical to entrepreneurial success?

Each group of qualities Signup and view all the answers

What does Employment Equity encourage businesses to reflect in their workforce?

Demographic makeup of society Signup and view all the answers

Why does unemployment lead to increasing dependence on social welfare systems?

Reduced living standards Signup and view all the answers

What type of products are typically associated with bootlegging?

Alcoholic drinks and recording media Signup and view all the answers

How is consumer protection related to laws against piracy and counterfeiting?

It maintains market integrity Signup and view all the answers

What is a common consequence of illegal gambling activities?

Funding organized crime Signup and view all the answers

How does money laundering undermine economic stability?

By obscuring the origins of illicitly obtained money Signup and view all the answers

What is the impact of workplace violence on businesses' profitability?

Reduced profitability Signup and view all the answers

How do strikes and lock-outs impact a company?

Significantly disrupt production Signup and view all the answers

What does social responsibility encompass for a business?

Broader societal well-being Signup and view all the answers

Why does Corporate Social Responsibility (CSR) focus on stakeholders' quality of life?

To contribute positively to well-being Signup and view all the answers

What factor contributes to the perpetuation of poverty across generations?

Quality education and employment opportunities Signup and view all the answers

How does poverty impact businesses' operational costs?

Increasing spending on security measures Signup and view all the answers

What does inclusivity aim to achieve in a business context?

Reduce inequality in the workforce Signup and view all the answers

How does poverty restrict economic participation?

By diminishing consumer markets Signup and view all the answers

What is the primary aim of embracing diversity in inclusivity?

Harness a wide range of skills and perspectives Signup and view all the answers

How do poverty and inequality contribute to the cycle of increased crime rates?

By necessitating higher security measures Signup and view all the answers

In which form of ownership structure does the continuity of the business solely rely on the owner's participation?

Partnership Signup and view all the answers

Among the listed ownership structures, which one has a legal personality that offers limited liability to its members?

Close Corporation (CC) Signup and view all the answers

What form of ownership requires a reserved business name and registering a founding statement during its formation process?

Close Corporation (CC) Signup and view all the answers

Among the ownership structures, which one mandates that management be conducted by directors, requiring at least one director?

Private Company (Pty Ltd) Signup and view all the answers

Which type of ownership structure involves a governance system governed by a board of directors elected by its members?

Co-operative Signup and view all the answers

What is a distinguishing feature of a Public Company (Ltd) regarding management in comparison to other ownership structures?

Managed by appointed managers Signup and view all the answers

What contributes to the economic strain caused by unemployment?

Escalated social issues like crime and poverty Signup and view all the answers

What is a potential consequence of workplace violence on businesses?

Disruption of daily operations Signup and view all the answers

What undermines legal business operations and economic stability through obscurity of money origins?

Money laundering Signup and view all the answers

Which activity often funds organized crime and detracts from the regulated economy?

Illegal gambling Signup and view all the answers

What is advocated to protect consumers from fake and low-quality products?

Counterfeiting laws Signup and view all the answers

What is discouraged due to intellectual property theft and potential revenue loss?

Investment in new product development Signup and view all the answers

What scenario consists of unauthorized use or reproduction of another's work infringing on rights?

Piracy of intellectual property Signup and view all the answers

What can significant disruptions from employee grievances affect?

Business reputation Signup and view all the answers

What reflects a business's commitment to engage in activities promoting societal wellbeing?

Corporate Social Responsibility (CSR) Signup and view all the answers

Which condition can lead to increased dependence on social welfare systems?

Unemployment Signup and view all the answers

What differentiates entrepreneurs from others when it comes to identifying and seizing business opportunities?

They have a keen eye for spotting business opportunities in everyday situations Signup and view all the answers

Which quality is paramount for entrepreneurs in terms of their commitment to their vision and business?

High degree of commitment Signup and view all the answers

What is the ultimate goal of entrepreneurs when they are proactive in spotting business opportunities?

Increasing profitability Signup and view all the answers

Which characteristic defines entrepreneurs in terms of their vision and continuous effort to create valuable products or services?

Dedication and continuous effort Signup and view all the answers

What quality allows entrepreneurs to stay ahead of competitors and enhance profitability?

Opportunity-seeking Signup and view all the answers

What do entrepreneurs effectively organize to generate profit and achieve business success?

Various resources Signup and view all the answers

What risk-taking characteristic defines entrepreneurs?

Calculated risks Signup and view all the answers

How do entrepreneurs contribute to economic growth?

By creating employment opportunities Signup and view all the answers

What critical role do entrepreneurs play in the market as competitors?

Inspiring innovative practices Signup and view all the answers

Which form of business ownership allows owners to have a legal identity separate from the business, enabling them to enter into contracts independently?

Close Corporation Signup and view all the answers

In terms of liability, which form of ownership makes owners personally liable for all business debts and puts their personal assets at risk?

Sole Proprietorship Signup and view all the answers

Which feature explains a business's capacity to continue operations regardless of the exit of any owners, such as due to death or retirement?

Continuity Signup and view all the answers

In terms of taxes, which business structure allows for owners to be taxed based on personal income rates, reaching as high as 40%?

Sole Proprietorship Signup and view all the answers

Among corporations, what stands out as a key advantage allowing owners to be responsible only for the amount they have invested in the business?

Limited Liability Signup and view all the answers

In terms of ownership, which structure emphasizes the business owner’s desire for responsibility and accountability for their business outcomes?

Sole Proprietorship Signup and view all the answers

Which term describes the legal steps required for a business to officially form and commence operations?

Formation Procedure Signup and view all the answers

Which ownership form has the advantage of the ability to enter contracts, sue, or be sued independently from its owners?

Close Corporation Signup and view all the answers

Regarding legal identity, which forms of ownership are distinguished by having a legal personality independent of their owners?

Close Corporation and Corporation Signup and view all the answers

Which ownership structure requires owners to be accountable for business decisions and operations, ensuring personal involvement in outcomes?

Sole Proprietorship Signup and view all the answers

What aspect does cyclical poverty perpetuate across generations?

Vulnerability Signup and view all the answers

How does poverty impact consumer markets?

Diminishing consumer markets Signup and view all the answers

What effect does poverty and inequality have on security costs for businesses?

Increase in security expenditure Signup and view all the answers

What is the primary aim of inclusivity in a business context?

Increasing diversity Signup and view all the answers

Which factor ensures the perpetuation of poverty across generations?

Lack of resources Signup and view all the answers

What does poverty restrict for individuals in terms of the economy?

Participation in the economy Signup and view all the answers

Which form of ownership involves a more complex registration process that includes a memorandum of incorporation during its formation?

Private Company (Pty Ltd) Signup and view all the answers

In which ownership structure is continuity independent of the status of the members?

Co-operative Signup and view all the answers

Which ownership form offers limited liability to shareholders and requires at least one director for management?

Private Company (Pty Ltd) Signup and view all the answers

Among the listed forms of ownership, which one is managed by directors and must have a minimum of three for proper management?

Public Company (Ltd) Signup and view all the answers

Which ownership structure has unlimited joint and several liabilities and has continuity depending on the partnership agreement?

Partnership Signup and view all the answers

In which form of ownership is the legal personality of the owners independent of the owners themselves and involves reserving a business name during formation?

Close Corporation (CC) Signup and view all the answers

What impact does illegal gambling have on the regulated economy?

Detracts from the regulated economy Signup and view all the answers

Which aspect of gambling often contributes to social issues and detracts from the regulated economy?

Illegal gambling activities Signup and view all the answers

How does pyramid schemes primarily benefit participants?

By offering guaranteed high returns Signup and view all the answers

In what way does workplace violence impact businesses?

Results in significant financial losses Signup and view all the answers

How does money laundering impact economic stability?

Undermines economic stability Signup and view all the answers

What is the main feature that distinguishes piracy, counterfeiting, and bootlegging?

Their infringement on intellectual property rights Signup and view all the answers

What is the primary purpose of counterfeiting?

To deceive consumers by passing off as genuine Signup and view all the answers

How do strikes impact the financial standing of a company?

Negatively affect production and financial standing Signup and view all the answers

What is the key characteristic of bootlegging in terms of products involved?

Alcoholic drinks or recording media Signup and view all the answers

How does unemployment lead to an increase in dependence on social welfare systems?

By causing financial strain and reduced income Signup and view all the answers

Entrepreneurs often possess profound confidence and firm belief in their potential to achieve business objectives. This quality is an indication of their _____________.

Self-assuredness in capabilities Signup and view all the answers

What best describes the significance of adaptability for entrepreneurs according to the text?

Adaptability aligns strategies with market demands Signup and view all the answers

In terms of tax obligations, which structure is taxed based on personal income rates, potentially reaching as high as 40%?

Sole Proprietorships Signup and view all the answers

Entrepreneurs often leverage the energy and passion they bring to work to drive their businesses forward. This passion is fueled by financial aims, recognition, and _________.

A genuine passion for their business Signup and view all the answers

What term describes the responsibility that entrepreneurs embrace when running a business?

Desire for accountability Signup and view all the answers

Which type of liability shields owners from personal liability for business debts beyond their investment?

Limited Liability Signup and view all the answers

What quality is crucial for overcoming obstacles on the entrepreneurial path and ensuring business success?

Willpower Signup and view all the answers

Effective leadership and management are critical for entrepreneurs. If entrepreneurs lack these skills themselves, what do they recognize as essential for business success?

Hiring competent managers Signup and view all the answers

What quality do entrepreneurs exhibit that helps them align strategies with market demands and make informed decisions?

Adaptability Signup and view all the answers

Entrepreneurs who dream big and set actionable visions for their business typically demonstrate what characteristic?

Clarity Signup and view all the answers

What distinguishes an entrepreneur in terms of their ability to identify and seize business opportunities?

Their keen eye for spotting business opportunities in everyday situations. Signup and view all the answers

How do entrepreneurs contribute to economic growth?

By creating employment opportunities, driving innovation, and improving market efficiency. Signup and view all the answers

What characterizes entrepreneurs in their approach to business vision and dedication?

Strong commitment and continuous effort in creating valuable and sustainable ventures. Signup and view all the answers

What is a key role that entrepreneurs undertake regarding economic resources in their business ventures?

Effectively organizing various resources to generate profit. Signup and view all the answers

What quality is crucial for entrepreneurs in persisting through challenges and pursuing business goals?

Perseverance to overcome hurdles and relentlessly pursue business objectives. Signup and view all the answers

Which of the following is a critical trait associated with entrepreneurial success?

Achievement-oriented qualities such as opportunity-seeking and perseverance. Signup and view all the answers

What principle guides entrepreneurs in assuming calculated risks to achieve business success?

Calculated risk-taking to drive innovation and growth. Signup and view all the answers

How do entrepreneurs contribute to market efficiency in their business endeavors?

By fostering competition, innovation, and economic productivity. Signup and view all the answers

What differentiates entrepreneurs in their approach to business sustainability and profitability?

Focus on achieving both economic viability and sustainable growth. Signup and view all the answers

In what way do entrepreneurs contribute to employment opportunities and innovation in the business landscape?

By creating jobs, fostering innovation, and driving economic progress. Signup and view all the answers

How does cyclical poverty perpetuate across generations?

By restricting access to education and employment opportunities Signup and view all the answers

What impact does inclusivity aim to achieve in the workforce?

Promote a more skilled and equitable workforce Signup and view all the answers

How does poverty affect businesses' operational costs?

By increasing spending on security measures Signup and view all the answers

What defines inclusivity in a business context?

Ensuring equal opportunities for all Signup and view all the answers

How does economic participation relate to poverty?

It diminishes participation in the economy Signup and view all the answers

What is the primary impact of security costs on businesses due to poverty and inequality?

Leads to higher spending on security measures Signup and view all the answers

In a Private Company (Pty Ltd), what is the management structure like?

Managed by directors; requires at least one Signup and view all the answers

What distinguishes a Co-operative from other forms of ownership regarding management?

Governed by a board of directors elected by members Signup and view all the answers

When it comes to legal liability in a Partnership, what does the term 'joint and several liabilities' imply?

Partners are individually and collectively responsible for the entire debt of the business Signup and view all the answers

What characteristic is unique to a Close Corporation (CC) regarding continuity?

Exists independently of the members’ status Signup and view all the answers

Which factor makes a Public Company (Ltd) distinct when compared to Private Companies (Pty Ltd)?

Involves heavily regulated management and a minimum of three directors Signup and view all the answers

Regarding the formation process, what sets a Partnership apart from a Sole Proprietorship?

Involves registering a founding statement Signup and view all the answers

What is the potential impact of illegal gambling on the economy, according to the text?

Detracts from the regulated economy and contributes to social issues Signup and view all the answers

What aspect distinguishes entrepreneurs in their ability to identify lucrative business opportunities?

Understanding of market trends and consumer behavior Signup and view all the answers

How do entrepreneurs typically enhance market efficiency through their business ventures?

By driving innovation and improving competition Signup and view all the answers

How does workplace violence affect businesses, based on the information provided?

Disrupts daily operations and increases costs Signup and view all the answers

What crucial quality ensures the success of entrepreneurs when overcoming obstacles and persistently pursuing their business goals?

Persistent perseverance and commitment Signup and view all the answers

Which form of illegal activity obscures the origins of illicitly obtained money, as highlighted in the text?

Money laundering Signup and view all the answers

Why do businesses invest in community development according to the text?

To enhance market opportunities and prosperity Signup and view all the answers

What is the primary characteristic of bootlegging, as mentioned in the text?

Selling illegal alcoholic beverages or recording media Signup and view all the answers

Which stakeholder plays a crucial role in advocating for fair labor practices according to the text?

Trade Unions Signup and view all the answers

How is procrastination beneficial to entrepreneurship, based on the information provided?

Delays progress and hampers success Signup and view all the answers

In what way does social responsibility benefit businesses, according to the passage?

Boosts overall profitability and enhances reputation Signup and view all the answers

What primary value does a clear HIV/AIDS policy bring to the workplace according to the text?

Managing the workplace implications of the disease effectively Signup and view all the answers

How do entrepreneurs contribute to economic growth according to the text?

By creating employment opportunities and driving innovation Signup and view all the answers

What is the main consequence of unemployment on individuals, based on the provided information?

Reduces living standards and increases economic strain Signup and view all the answers

How does intellectual property theft affect innovation within businesses?

Discourages investment in innovation due to revenue concerns Signup and view all the answers

What do entrepreneurial qualities like opportunity-seeking and commitment contribute to in the business context?

Generating profit and sustainable business ventures Signup and view all the answers

Why is community well-being investment essential for businesses according to the text?

To enhance the reputation and customer loyalty Signup and view all the answers

What role do pyramid schemes play in deceptive investment practices, according to the content?

Primarily benefit those at the top at the expense of newer recruits Signup and view all the answers

How does a company's commitment to Corporate Social Responsibility (CSR) benefit stakeholders, as indicated in the text?

Improves the quality of life for employees, shareholders, and the wider community Signup and view all the answers

What vital role do trade unions play in the context of addressing employee benefits according to the text?

Advocating for employee benefits and fair labor practices Signup and view all the answers

Why is a balanced approach to risk-taking essential for entrepreneurs according to the text?

To capitalize on business opportunities effectively Signup and view all the answers

What is the primary advantage of possessing high energy levels and passion for entrepreneurs?

To drive their businesses forward with motivation Signup and view all the answers

Why do entrepreneurs with exceptional organizational skills synergize land, labor, and capital efficiently?

To create and deliver value effectively Signup and view all the answers

Why is leadership and management considered critical for entrepreneurs?

To consistently ensure business success Signup and view all the answers

Why is it important that entrepreneurs have the willpower to overcome obstacles?

To establish and sustain a successful business Signup and view all the answers

Why do corporations pay a corporate tax rate on profits instead of a personal income rate?

To avoid disclosing financial information publicly Signup and view all the answers

How do entrepreneurs contribute to employment and societal advancements?

By driving change, creating employment, and pushing technological advancements Signup and view all the answers

What does the legal personality of a company allow it to do independently of its owners?

Enter contracts and sue others Signup and view all the answers

Why do entrepreneurs continuously adjust their strategies and decisions according to market demands?

To align their operations with the ever-changing market landscape Signup and view all the answers

What separates companies with limited liability from those with unlimited liability?

The legal implications on the owners' personal assets Signup and view all the answers

Business Studies June exam P2 (Hard)

Podcast Beta

Questions and Answers

What term describes disparities in opportunities and treatment based on social status?

How does cyclical poverty perpetuate itself across generations?

What impact does poverty have on the consumer markets?

Why do poverty and inequality often lead to increased crime rates?

What is the main aim of inclusivity within a business context?

Which term is used to define the deprivation of essential needs and services such as adequate housing and healthcare?

In a Jointly and Severally scenario, what does it mean when it is stated that each owner is individually and collectively responsible for the entire debt of the business?

In a Sole Proprietorship, what is the continuity of the business dependent on?

What is a distinguishing factor between a Partnership and a Close Corporation in terms of management?

What is a significant difference regarding the formation process between a Private Company (Pty Ltd) and a Public Company (Ltd)?

In a Co-operative, what is the role of the board of directors in the management of the business?

What aspect of ownership in a Partnership and a Close Corporation significantly differs in terms of continuity?

What type of risk-takers are entrepreneurs according to the text?

Why is flexibility and adaptability crucial for entrepreneurs?

What quality ensures entrepreneurs are accountable for business outcomes?

How are corporations and close corporations different from sole proprietorships regarding 'Legal Personality'?

What legal term describes a business's ability to continue operations despite the exit of any owners?

Which type of liability makes owners personally responsible for all business debts?

How are corporations and close corporations different from partnerships regarding 'Liability'?

In what way are sole proprietors and partnerships different concerning the amount of tax paid?

What is the key factor in determining the tax paid by corporations?

What is involved in the 'Formation Procedure' of a business?

What can lead to increased spending power and demand for products and services in a thriving community?

Which stakeholder plays a crucial role in advocating for employee benefits and fair labor practices?

What can enhancing a company's reputation, customer loyalty, and increased profits result from?

What can help in directly reducing poverty and improving community well-being?

What helps employees advance their careers and contribute to a more skilled workforce?

What is one crucial role of entrepreneurs?

What is a prominent quality of entrepreneurs related to spotting business opportunities?

What part of an entrepreneur's role often requires the ability to secure financing and manage it wisely?

What trait of successful entrepreneurs allows them to persistently pursue their business goals?

What encapsulates traits that are critical to entrepreneurial success?

What does Employment Equity encourage businesses to reflect in their workforce?

Why does unemployment lead to increasing dependence on social welfare systems?

What type of products are typically associated with bootlegging?

How is consumer protection related to laws against piracy and counterfeiting?

What is a common consequence of illegal gambling activities?

How does money laundering undermine economic stability?

What is the impact of workplace violence on businesses' profitability?

How do strikes and lock-outs impact a company?

What does social responsibility encompass for a business?

Why does Corporate Social Responsibility (CSR) focus on stakeholders' quality of life?

What factor contributes to the perpetuation of poverty across generations?

How does poverty impact businesses' operational costs?

What does inclusivity aim to achieve in a business context?

How does poverty restrict economic participation?

What is the primary aim of embracing diversity in inclusivity?

How do poverty and inequality contribute to the cycle of increased crime rates?

In which form of ownership structure does the continuity of the business solely rely on the owner's participation?

Among the listed ownership structures, which one has a legal personality that offers limited liability to its members?

What form of ownership requires a reserved business name and registering a founding statement during its formation process?

Among the ownership structures, which one mandates that management be conducted by directors, requiring at least one director?

Which type of ownership structure involves a governance system governed by a board of directors elected by its members?

What is a distinguishing feature of a Public Company (Ltd) regarding management in comparison to other ownership structures?

What contributes to the economic strain caused by unemployment?

What is a potential consequence of workplace violence on businesses?

What undermines legal business operations and economic stability through obscurity of money origins?

Which activity often funds organized crime and detracts from the regulated economy?

What is advocated to protect consumers from fake and low-quality products?

What is discouraged due to intellectual property theft and potential revenue loss?

What scenario consists of unauthorized use or reproduction of another's work infringing on rights?

What can significant disruptions from employee grievances affect?

What reflects a business's commitment to engage in activities promoting societal wellbeing?

Which condition can lead to increased dependence on social welfare systems?

What differentiates entrepreneurs from others when it comes to identifying and seizing business opportunities?

Which quality is paramount for entrepreneurs in terms of their commitment to their vision and business?

What is the ultimate goal of entrepreneurs when they are proactive in spotting business opportunities?

Which characteristic defines entrepreneurs in terms of their vision and continuous effort to create valuable products or services?

What quality allows entrepreneurs to stay ahead of competitors and enhance profitability?

What do entrepreneurs effectively organize to generate profit and achieve business success?

What risk-taking characteristic defines entrepreneurs?

How do entrepreneurs contribute to economic growth?

What critical role do entrepreneurs play in the market as competitors?

Which form of business ownership allows owners to have a legal identity separate from the business, enabling them to enter into contracts independently?

In terms of liability, which form of ownership makes owners personally liable for all business debts and puts their personal assets at risk?

Which feature explains a business's capacity to continue operations regardless of the exit of any owners, such as due to death or retirement?

In terms of taxes, which business structure allows for owners to be taxed based on personal income rates, reaching as high as 40%?