Identify THREE advantages of operating as a sole trader versus operating as a limited company.
Complete control of business, Keep all profit to yourself, No need to disclose info (besides tax office)
Explain the meaning of unlimited liability.
Owners of a business personally responsible for the debt of the business they own. Their liability is not limited to the investment they made in the business.
Which TWO types of businesses are unincorporated? What does that mean?
sole trader + partnership. The business is not a separate legal entity; there is no continuity if owners pass away
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