Small Business ownerships Flashcards
Sole trader; Partnership; Small proprietary company (13 cards)
1
Q
Sole Trader - n. of owners
A
1 Owner
2
Q
Sole Trader - liability of owners
A
Unlimited.
- Full liability for business debts.
- If the business cannot pay its debts, personal property of owner is sold to pay debts.
3
Q
Sole Trader - ability to raise capital
A
4
Q
Sole Trader -ability to borrow funds
A
5
Q
Sole Trader - distribution of profits
A
6
Q
Sole Trader - transfer of ownership
A
7
Q
Sole Trader - continuity of existence
A
8
Q
Sole Trader - separate accounting entity
A
9
Q
Sole Trader - separate legal entity
A
10
Q
Sole Trader - advantages
A
11
Q
Sole Trader - disadvantages
A
12
Q
Partnership - n. of owners
A
2 ~ 20 Owners
13
Q
Small Proprietary Company - n. of owners
A
1 ~ 50 non-employee shareholders
