Forms of business ownership

1

What is the main advantage of being a sole trader?

2

Who is limited liability an advantage to?

3

What is a partnership?

4

Who is a company controlled by?

5

What legal identity does a company have in the eyes of the law?

6

What is a business that sells the right to use a business idea?

7

Which of the following is NOT an advantage offered by a franchise?

8

Who is a franchise bought by?

9

Which type of business does NOT usually have limited liability?

10

Who has legal responsibility to settle debts in a company with unlimited liability?