1. Explain 2 differences between a sole trader and partnership. Sole trader is entirely owned by one person; partnership by 2-20. Risks, workload and responsibilities are shared in a partnership More specialisation in a partnership than a sole trader
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3. You can start a business today. All you have to do is tell the Inland Revenue (the taxman). Outline 2 risks of starting a business this way. (4)
5. Explain the possible risks to a growing business of making the jump from a private limited company to ‘going public’, then floating its shares on the stock market. (5)