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?
Limited liability partnership (LLP)
Sole trader
Private limited company (Ltd)
Partnership
2. Which term describes a business owned by two or more people who share the profits, the losses and the responsibility for running it?
Franchise
Private limited company (Ltd)
Sole trader
Partnership