Sole Trader Business Structure
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Questions and Answers

Owned by -- person. Sole trade has the same --------- as its owner. The owner is legally responsible for all aspects of the business including unlimited ______.

1, legal enitity, liability

If the business is unable to ---------, the owner may have to sell their -------______, such as properties, to ------------- to pay off the liability.

pay its debts, personal assets, raise enough money

Sole trade has the same ------- as its owner. The owner is -------- for all aspects of the business including ______-------

legal entity, legally responsible, unlimited liability

A partnership is a business owned by --------- A partnership has the ----------------- to its owners and therefore has ______--------

<p>2 to 20 people, the same legal entity, unlimited liability</p> Signup and view all the answers

Partnerships can help a business access ------------- ______ as all partners can ---------------

<p>larger amounts of capital, pool their funds together</p> Signup and view all the answers

Partners share in any ______ the business ---------. The amount each partner receives is ---------------- of the business the partner owns.

<p>profits, generates, proportionate to the percentage</p> Signup and view all the answers

When starting a partnership, there should be a ---------------- set out so each partner knows their clearly -------- ________. This can help to ---------------- as each partner knows their ------------------

<p>partnership agreement, defined role, prevent conflict, roles and responsibilities</p> Signup and view all the answers

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