1. Types of Business Units
... or maybe assisted by the family or employees. 2. All profit generated by the business could be called as personal income or profit. Disadvantage of being a sole trader:1. The sole trader has unlimited liability. In other words the business should fail so the sole trader is responsible for all debts. All personal assets can be seized to pay of ... 1. Each partner is liable for the mistakes of other partners and the resulting consequences. Personal assets may be seized to pay of debts incurred by any partner or if the business fails. 2. Forming a Limited Partnership does mean registration ...
- Word Count: 765
- Approx Pages: 3
- Grade Level: High School