There are a number of different options when setting up a new or small business. These may depend on the size of the business, the number of owners and the level of risk owners are willing to take.
What type of liability does a sole trader have?
What is a private limited company often abbreviated as?
What is a competitive environment?
A market where there are other businesses producing the same or similar products and services
A market where there are no competitors
A market without customers
How many owners can a partnership have?
1 to 30
2 to 20
2 to 50
Which of these is a benefit of being part of a franchise?
You get to make all of the decisions
There are only two owners
The business is already established
In a franchise, what is the name of the main business providing the rights to use its name and products?
Which of these is a benefit of being partnership?
More knowledge and expertise in the business
The owners have to give away a share of the business profits
There is unlimited liability
Which of these is a disadvantage to being a sole trader?
Being your own boss
Being personally responsible for all business debts
What are owners also known as in a private limited company?
What is a gap in the market?
An opportunity where customer needs and wants are not being met
What a competitor is doing in the market
When the market is not full