1. Which term describes a business that is owned, controlled and run by one person, who keeps all of the profits and is personally responsible for all of the losses?
Sole trader
Limited liability partnership (LLP)
Partnership
Private limited company (Ltd)
2. Which term describes a business owned by two or more people who share the profits, the losses and the responsibility for running it?
Private limited company (Ltd)
Franchise
Partnership
Sole trader