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Questions and Answers
What is the main disadvantage of being a sole trader in terms of liability?
Limited liability: owner is legally responsible for all unpaid debts and can lose their private assets
What is a key characteristic of a not-for-profit organization in terms of taxes?
Tax exempts, if approved by ATO
What is a major advantage of a small proprietary company in terms of finance?
Far greater access to finance
What is one major challenge of starting a franchise business?
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Why do partnerships have the advantage of sharing losses and responsibilities?
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