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Yr 10 economics > Business structures > Flashcards

Business structures Flashcards

1
Q

What are 2 advantages of a Sole Trader?

A
  1. Easy to start and run.2. No registration or formal documentation is required.
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2
Q

What are 2 disadvantages of a Sole Trader?

A
  1. Owners have unlimited liability for all business taxes and debts, putting personal assets at risk.2. Sole Traders can lack credibility in the marketplace.
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3
Q

What are 2 advantages of a Partnership?

A
  1. No registration is required to start a partnership. 2. Expertise is shared.
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4
Q

What are 2 disadvantages of a Partnership?

A
  1. Partners may be liable for debts incurred by other partners.2. Control is shared.
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5
Q

What are 2 advantages of a Company?

A
  1. More credibility in the marketplace.2. Easier to attract funds and investments.
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6
Q

What are 2 disadvantages of a Company?

A
  1. Directors need to clearly understand their responsibilities. 2. Limited liability advantages are often eroded in practice by the need to provide personal guarantees to lenders or creditors.
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7
Q

What is the definition of unlimited liability?

A

If the business fails, the personal assets of the owner can be used to pay business debts.

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8
Q

What is the definition of limited liability?

A

If the business fails the personal assets of the owner cannot be used to pay business debts.

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9
Q

What are 2 advantages of a Sole Trader?

A
  1. Easy to start and run.2. No registration or formal documentation is required.
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10
Q

What are 2 disadvantages of a Sole Trader?

A
  1. Owners have unlimited liability for all business taxes and debts, putting personal assets at risk.2. Sole Traders can lack credibility in the marketplace.
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11
Q

What are 2 advantages of a Partnership?

A
  1. No registration is required to start a partnership. 2. Expertise is shared.
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12
Q

What are 2 disadvantages of a Partnership?

A
  1. Partners may be liable for debts incurred by other partners.2. Control is shared.
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13
Q

What are 2 advantages of a Company?

A
  1. More credibility in the marketplace.2. Easier to attract funds and investments.
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14
Q

What are 2 disadvantages of a Company?

A
  1. Directors need to clearly understand their responsibilities. 2. Limited liability advantages are often eroded in practice by the need to provide personal guarantees to lenders or creditors.
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15
Q

What is the definition of unlimited liability?

A

If the business fails, the personal assets of the owner can be used to pay business debts.

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16
Q

What is the definition of limited liability?

A

If the business fails the personal assets of the owner cannot be used to pay business debts.

17
Q

What are 2 advantages of a Sole Trader?

A
  1. Easy to start and run.2. No registration or formal documentation is required.
18
Q

What are 2 disadvantages of a Sole Trader?

A
  1. Owners have unlimited liability for all business taxes and debts, putting personal assets at risk.2. Sole Traders can lack credibility in the marketplace.
19
Q

What are 2 advantages of a Partnership?

A
  1. No registration is required to start a partnership. 2. Expertise is shared.
20
Q

What are 2 disadvantages of a Partnership?

A
  1. Partners may be liable for debts incurred by other partners.2. Control is shared.
21
Q

What are 2 advantages of a Company?

A
  1. More credibility in the marketplace.2. Easier to attract funds and investments.
22
Q

What are 2 disadvantages of a Company?

A
  1. Directors need to clearly understand their responsibilities. 2. Limited liability advantages are often eroded in practice by the need to provide personal guarantees to lenders or creditors.
23
Q

What is the definition of unlimited liability?

A

If the business fails, the personal assets of the owner can be used to pay business debts.

24
Q

What is the definition of limited liability?

A

If the business fails the personal assets of the owner cannot be used to pay business debts.

Yr 10 economics (8 decks)

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