Business - Theme 2.1.3 0.0 / 5 ? BusinessLiability A2/A-levelEdexcel Created by: Yellowcat9Created on: 11-01-22 12:18 Incorporated Separate legal entity , separate from its owners (shareholders) , private limited companies 1 of 8 Unincorporated Owners are the business , sole traders , unlimited liability 2 of 8 Unlimited liability Business owners personally responsible 3 of 8 Limited liability Protected 4 of 8 Sole trader Business owned owned and controlled by one person Unlimited liability Business and owner are the same 5 of 8 Partnership Two or more owners Provide professional service (doctor/lawyer) Agree to set rules = deed of partnership 6 of 8 Public limited companies Shares sold to the public on the stock market Shareholders = part owners 7 of 8 Private limited companies Pay corporation tax (tax on profit off a business) 8 of 8
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