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Business ownership revision notes
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Business ownership
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Business ownership
A business structure that is a separate legal entity from its owners, providing limited liability and allowing shareholders to invest capital.
A sole trader is a business owned and run by one person who retains all profits but also bears unlimited liability for debts.
Limited liability means that the owners’ personal assets are protected and they can only lose the amount they have invested in the business.
Limited liability means that the owners of a company are only responsible for the company’s debts up to the amount they have invested. Their personal assets are protected.
A business structure where the owners’ personal assets are protected from business debts and liabilities.
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