Number of Owners
How many people own a sole trader business?
One
Who makes decisions in a partnership?
The two or more main partners
Who's liable in a sole trader business?
The owner
Name an advantage of a sole trader business
-Retaining all profit
-Reduced paperwork
-Straightforward taxation
Name a disadvantage of a sole trader business
Unlimited liability
High stress levels
Difficult to take leave
How many people are in a patnership?
Two or more
Who makes decisions in a sole trader business?
The sole trader.
Who's liable in a partnership?
All partners
Name an advantage of a partnership business
Ease of formation
Low setup cost
Shared financials
Combined expense
Name a disadvantage of a partnership
Shared profits
Unlimited liability
How many people in a private company? Whats the maximum?
Maximum of 50 people
Who makes decisions in a private company?
The board of directors and/or shareholders.
Who's liable in a public company?
The company itself.
Name an advantage of a private company
Limited liability
Enhanced credibility with clients and investors.
Name a disadvantage of a private company
High setup cost
No public shares
How many people are in a public company?
Unlimited, not below 3
Who makes decisions in a public company?
The board of directors
Who's liable in a private company.
The company
Name an advantage of a public company
Larger capital pools
Enhanced profit and credability
Currency for growth
Name a disadvantage of a public company
Less privacy
High compliance costs
Short term profit pressure
Are there more private or pubic companies in Australia?
There are more private companies.
True or false- One person in the partnership has more power over the other.
False, they're equals.
Which has more legal troubles, a public or a private company?
A public company
Name an advantage to taking this business class
Learning new things
Mr. Creek is the teacher
It sets you up for business in VCE
What is a disadvantage to taking this business class
None