limited liability - ANS-financial responsibility of business owners only for what they
invested in a business
unlimited liability - ANS-The owner is personally and fully responsible for all losses and
debts of the business
Partnership - ANS-a business owned by two or more people
Entrepreneur...
1.5 A-Level Business Questions And Answers
2023
limited liability - ANS-financial responsibility of business owners only for what they
invested in a business
unlimited liability - ANS-The owner is personally and fully responsible for all losses and
debts of the business
Partnership - ANS-a business owned by two or more people
Entrepreneur - ANS-A person who organizes, manages, and takes on the risks of a
business.
Intrapreneur - ANS-A manager, scientist, or researcher who works inside an
organization and notices opportunities to develop new or improved products and better
ways to make them.
cost efficiency - ANS-
Sole trader advantages - ANS-▪Owner keeps all the profit
▪Owner can make decisions quickly
▪fully in control of the business
▪easy to set up
Sole trader disadvantages - ANS-▪Unlimited liability
▪Difficult to take holidays
▪limits possibility to develop business
Partnership Advantages - ANS-▪sharing liabilities
▪wider range of skills
▪self-employed
Partnership Disadvantages - ANS-▪sharing profits
▪unlimited liability
▪partnership dissolves if partner leaves or dies
▪lack of autonomy-leads to disagreements
▪can't sell shares to raise capital
Private limited company advantages - ANS-▪Limited liability
▪growth potential
▪personal assets protected
▪shareholders will receive dividends in return(shares of profit)
Private limited company disadvantages - ANS-▪need to publish yearly financial
report(visible to scrutiny)
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