business

Question 1

sole trader

Answer 1

A sole trader is a person who owns and runs their own business alone. They’re fully responsible for everything, good or bad. It’s cheap and easy to start, but the owner is personally liable for all business debts, and it can be hard to get funding.

Question 2

partner ship

Answer 2

A partnership is where two or more people team up to run a business. This lets them share the work, skills, and money, plus support each other. However, they’re all personally responsible for business debts (unlimited liability), and one partner can be liable for another’s mistakes.

Question 3

corporation

Answer 3

these are businesses that are considered seperate legal entities to their owners. these are more expensive and tricky to set up. advantages are limited liability and you can raise