A multiple choice quiz to test your knowledge of business ownership!
1-20
1-40
1-60
1-80
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Sole Trader
Partnership
Franchise
Private Limited Company (Ltd)
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The owners are not liable for the firms debt and will only lose the amount they initially invested
The owners are personally liable for the firms debt and may have to pay them out of their own pocket
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Sole Trader
Charities
Private Limited Company (ltd)
Public Limited Company
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It means they can keep all their profits
If the company goes bust they do not have to repay debts out of their own pocket
Because if you have unlimited liability you have to pay the debts back yourself
Because your staff will like you more
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The franchisee benefits from national advertising
Allows an individual to start up a business with less risk involved
You have to follow the rules and standards of the franchise, there is less flexibility for you to do what you want
You benefit from the reputation of the franchise
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They can offer a personalised, specialist service that meets the needs of their customers
Because unlimited liability is a 'protection' against debt
Because partnerships mean you can share the workload so you do what you're best at
Because you benefit from the marketing done by the franchiser
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