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separate legal person from its owner.","correct":false,"explanation":"This describes incorporation, not unincorporation. An unincorporated business has no separate legal identity, so the owner and business are the same legal person."},{"text":"The business is owned by its shareholders.","correct":false,"explanation":"Shareholders own incorporated companies, whereas an unincorporated business is legally the same person as its owner."},{"text":"The owner is employed by a separate legal company.","correct":false,"explanation":"An owner of an unincorporated business is not legally separate from it. The owner and business are treated as the same legal person."}]},{"id":"d4c24c4d-3cfd-4efa-8f75-9c03093b345b","cardType":"basic","points":2,"front":"Why do unincorporated owners have unlimited liability?","back":"The business has no separate legal identity, so its debts are personally owed by the owner.","mcqOptions":[{"text":"The business has no separate legal identity, so its debts are personally owed by the owner.","correct":true,"explanation":"Because an unincorporated business has no separate legal identity, its owner is personally responsible for business debts, creating unlimited liability."},{"text":"The business has too many shareholders, so its debts are shared among the owners.","correct":false,"explanation":"Unincorporated businesses do not have shareholders in this sense. Their debts are personally owed by the owner because there is no separate legal identity."},{"text":"The business has limited finance, so its debts are cancelled if it cannot pay.","correct":false,"explanation":"Limited sources of finance do not cancel debts. The owner remains personally responsible because the business has no separate legal identity."},{"text":"The business has a separate legal identity, so its debts belong only to the company.","correct":false,"explanation":"A separate legal identity gives limited liability to owners. Unincorporated businesses lack this identity, so debts are personally owed by the owner."}]},{"id":"11b7374f-34ac-4219-a672-8fb5a64552fc","cardType":"basic","points":1,"front":"Why can a sole trader make decisions quickly?","back":"One owner makes every decision without needing agreement from others.","mcqOptions":[{"text":"One owner makes every decision without needing agreement from others.","correct":true,"explanation":"A sole trader has one owner who can make decisions alone, avoiding the consultation and agreement needed in a partnership or company."},{"text":"Several owners vote on every decision without needing agreement from others.","correct":false,"explanation":"Several owners would usually need to discuss or agree decisions. A sole trader decides quickly because one owner has authority to make every decision."},{"text":"Employees make every decision without needing approval from the owner.","correct":false,"explanation":"Employees may advise or carry out decisions, but the sole trader remains responsible for making them. Quick decisions result from having one owner."},{"text":"Shareholders make every decision through a stock exchange.","correct":false,"explanation":"Shareholders and stock exchanges relate to companies, especially plcs. A sole trader can decide quickly because one owner makes decisions directly."}]},{"id":"cfd84827-791e-4c41-964c-eaf425948a6c","cardType":"basic","points":2,"front":"What is a key drawback of a sole trader having total control?","back":"There is nobody to share the workload or challenge bad decisions.","mcqOptions":[{"text":"There is nobody to share the workload or challenge bad decisions.","correct":true,"explanation":"Total control can leave the sole trader isolated. No partner is available to share tasks, provide different expertise or question poor decisions."},{"text":"There are too many partners to share the workload or challenge bad decisions.","correct":false,"explanation":"A sole trader has no partners, so the problem is the absence of support and challenge, rather than having too many people involved."},{"text":"There is nobody allowed to make decisions because control belongs to shareholders.","correct":false,"explanation":"Shareholders control companies, not sole traders. A sole trader has total control, but this can make the owner solely responsible for workload and decisions."},{"text":"There is always a professional manager to share the workload or challenge bad decisions.","correct":false,"explanation":"A sole trader may employ managers, but there is no automatic partner or co-owner to share responsibility and challenge decisions."}]},{"id":"be479aef-71bc-4e6d-8082-be96bb051f20","cardType":"basic","points":2,"front":"Why are a sole trader's sources of finance limited?","back":"A sole trader cannot sell shares; finance comes from savings, loans, overdrafts, family or retained profit.","mcqOptions":[{"text":"A sole trader cannot sell shares; finance comes from savings, loans, overdrafts, family or retained profit.","correct":true,"explanation":"A sole trader cannot raise share capital because there are no company shares to sell. Finance is therefore restricted to sources such as savings, loans and retained profit."},{"text":"A sole trader can sell shares only on a stock exchange; finance comes from public investors and dividends.","correct":false,"explanation":"Sole traders do not issue shares on stock exchanges. Public share sales are available to incorporated companies such as plcs."},{"text":"A sole trader cannot borrow money; finance comes only from government grants and donations.","correct":false,"explanation":"Sole traders can use loans and overdrafts, as well as personal savings and retained profit. Their key limitation is that they cannot sell shares."},{"text":"A sole trader must sell shares to family; finance comes from shareholders and stock-market trading.","correct":false,"explanation":"Family members may provide loans or investment informally, but a sole trader cannot issue company shares. Its finance sources include savings, loans and retained profit."}]},{"id":"4a68dd93-4569-4382-b52d-9f6182cd958f","cardType":"basic","points":2,"front":"Why does a sole trader's business normally end when the owner dies?","back":"The business has no separate legal life from its owner.","mcqOptions":[{"text":"The business has no separate legal life from its owner.","correct":true,"explanation":"A sole trader and the business are legally the same person. When the owner dies, the business normally ends unless it is transferred or reorganised."},{"text":"The business has a permanent legal life independent of its owner.","correct":false,"explanation":"Permanent existence is a feature of incorporated companies. A sole trader has no separate legal life from the owner, so the business normally ends on death."},{"text":"The business has no employees available to continue trading after the owner retires.","correct":false,"explanation":"Employees could potentially continue operations, so their presence is not the legal reason. The business normally ends because it lacks a separate legal life."},{"text":"The business has shares that expire when the owner dies.","correct":false,"explanation":"Sole traders do not issue shares. The relevant issue is that the business has no separate legal life from its owner."}]},{"id":"740924eb-5cb3-4d27-9c1b-a08e21d86eac","cardType":"basic","points":2,"front":"Why can a partnership usually raise more start-up capital than a sole trader?","back":"Each partner can invest capital.","mcqOptions":[{"text":"Each partner can invest capital.","correct":true,"explanation":"A partnership can combine the personal capital contributions of several partners, usually giving it more start-up finance than one sole trader can provide."},{"text":"Only one partner can invest capital.","correct":false,"explanation":"A partnership has multiple owners, so more than one partner can contribute capital. This combined investment is why it can raise more than a sole trader."},{"text":"The partnership can automatically sell shares to the public.","correct":false,"explanation":"A normal partnership does not automatically issue publicly traded shares. Its greater start-up capital usually comes from contributions made by each partner."},{"text":"The government must provide capital to every partner.","correct":false,"explanation":"Government funding is not automatic for partnerships. Their advantage is that each partner can invest personal capital."}]},{"id":"2dd28398-6493-4813-abb7-cb2c00898fe4","cardType":"basic","points":2,"front":"What is the main control disadvantage of a partnership?","back":"Decisions require agreement between partners, which can cause delays or conflict.","mcqOptions":[{"text":"Decisions require agreement between partners, which can cause delays or conflict.","correct":true,"explanation":"Partnership decisions may need the owners to agree. Differences of opinion can slow action or create conflict, reducing the control advantage of a sole trader."},{"text":"Decisions require approval from the general public, which can cause delays or conflict.","correct":false,"explanation":"The general public does not normally approve partnership decisions. The control disadvantage comes from needing agreement between the partners."},{"text":"Decisions require permission from a stock exchange, which can cause delays or conflict.","correct":false,"explanation":"Stock exchanges are associated with publicly traded companies, not ordinary partnership decision-making. Partners may be delayed by disagreements with one another."},{"text":"Decisions require agreement from no one, which can cause delays or conflict.","correct":false,"explanation":"A partnership has more than one owner, so decisions may require agreement. Having no one else to consult describes a sole trader instead."}]},{"id":"4fc1e824-0d8e-45fc-ae58-71ff4b7e2bd9","cardType":"basic","points":1,"front":"What financial detail can a deed of partnership specify?","back":"How profits are shared and what salary each partner receives.","mcqOptions":[{"text":"How profits are shared and what salary each partner receives.","correct":true,"explanation":"A deed of partnership can set out financial arrangements, including each partner’s share of profits and any salary they receive from the business."},{"text":"How losses are avoided and what tax each customer pays.","correct":false,"explanation":"A partnership deed can allocate profits and salaries, but it cannot guarantee that losses will be avoided or determine customers’ tax."},{"text":"How shares are traded and what dividend each shareholder receives.","correct":false,"explanation":"Share trading and shareholder dividends relate to companies. Partnership deeds instead specify arrangements such as profit sharing and partners’ salaries."},{"text":"How employees are dismissed and what price competitors charge.","correct":false,"explanation":"These matters may be managed by the business, but they are not the financial details identified here. The deed can specify profit shares and partner salaries."}]},{"id":"85947a3f-4132-469c-9019-0ae2a084264e","cardType":"basic","points":2,"front":"Why is choosing a partner a financial decision as well as a personal one?","back":"Debts created by one partner can be claimed from the others.","mcqOptions":[{"text":"Debts created by one partner can be claimed from the others.","correct":true,"explanation":"Partners may have unlimited liability, so one partner’s business debts can become the responsibility of the others. Choosing a partner therefore creates significant financial risk."},{"text":"Debts created by one partner can never affect the others.","correct":false,"explanation":"This ignores partners’ potential unlimited liability. In an ordinary partnership, the others may have to help repay debts created by one partner."},{"text":"Debts created by one customer can be claimed from the partners.","correct":false,"explanation":"Customers do not normally create the partnership’s debts in this sense. The risk concerns debts incurred by one partner that may be claimed from the others."},{"text":"Debts created by one partner are paid automatically by shareholders.","correct":false,"explanation":"Ordinary partnerships do not rely on shareholders to pay their debts. Partners may be personally responsible for debts created by another partner."}]},{"id":"876f882e-ae86-4f5d-96f8-d7bfe52762e0","cardType":"basic","points":2,"front":"What can an incorporated business do in its own name?","back":"It can own property, borrow money and be taken to court.","mcqOptions":[{"text":"It can own property, borrow money and be taken to court.","correct":true,"explanation":"Incorporation creates a separate legal identity, allowing the business itself to own assets, enter borrowing arrangements and face legal action."},{"text":"It can avoid owning property, borrowing money and being taken to court.","correct":false,"explanation":"Separate legal identity does not protect a company from legal responsibilities. An incorporated business can own property, borrow money and be sued."},{"text":"It can make owners personally own property, borrow money and face every court case.","correct":false,"explanation":"Incorporation separates the company from its owners. The company, rather than automatically the owners personally, carries out these legal activities."},{"text":"It can sell products, employ staff and avoid all business debts.","correct":false,"explanation":"Incorporation permits legal actions such as owning property and borrowing, but it does not eliminate business debts or guarantee that all liabilities are avoided."}]},{"id":"cc27304f-dca9-468b-9e36-e1b01b821035","cardType":"basic","points":2,"front":"Why can a private limited company keep control among its existing owners?","back":"Its shares are sold only to invited investors, not to the general public.","mcqOptions":[{"text":"Its shares are sold only to invited investors, not to the general public.","correct":true,"explanation":"A private limited company restricts share ownership to selected or invited investors. This helps existing owners retain control rather than opening ownership to the public."},{"text":"Its shares are sold only to the general public, not to existing owners.","correct":false,"explanation":"Selling shares to the general public is associated with a plc. A private limited company offers shares privately to invited investors."},{"text":"Its shares are sold only to competitors, not to the company’s directors.","correct":false,"explanation":"Private companies can offer shares to selected investors, but there is no rule that these must be competitors or exclude directors."},{"text":"Its shares are sold only to a stock exchange, not to individual investors.","correct":false,"explanation":"A stock exchange is a marketplace, not an investor. Private limited companies do not offer shares to the general public through that market."}]},{"id":"1d8c0787-253d-4c0a-88dc-cb4ecefaf520","cardType":"basic","points":2,"front":"Why can a plc raise more finance than a private limited company?","back":"It can sell shares to the public on a stock exchange.","mcqOptions":[{"text":"It can sell shares to the public on a stock exchange.","correct":true,"explanation":"A plc can access public share capital through a stock exchange, giving it a larger potential pool of finance than a private limited company."},{"text":"It can borrow only from its original owners on a private agreement.","correct":false,"explanation":"A plc can raise finance from public shareholders as well as borrowing. The key advantage is its ability to sell shares on a stock exchange."},{"text":"It can sell shares only to invited investors outside a stock exchange.","correct":false,"explanation":"This describes the restricted ownership of a private limited company. A plc can offer shares to the general public through a stock exchange."},{"text":"It can receive unlimited government finance without selling shares.","correct":false,"explanation":"Government finance is not guaranteed to plcs. Their additional finance-raising ability comes from selling shares publicly on a stock exchange."}]},{"id":"dc882606-ee55-4060-bed3-739c3a1f592d","cardType":"basic","points":2,"front":"What control risk does a plc create for its original owners?","back":"They can be outvoted, and a rival may take over the company.","mcqOptions":[{"text":"They can be outvoted, and a rival may take over the company.","correct":true,"explanation":"Selling shares publicly can spread ownership. Original owners may lose voting control if other shareholders gain enough votes, allowing a rival to pursue a takeover."},{"text":"They can be guaranteed control, and a rival cannot take over the company.","correct":false,"explanation":"Public ownership does not guarantee the founders’ control. Other shareholders can outvote them, and a rival may acquire enough shares for a takeover."},{"text":"They can be fined automatically, and a rival must join the company.","correct":false,"explanation":"Fines and compulsory mergers are not the main control risk. The danger is that original owners can be outvoted or face a rival takeover."},{"text":"They can be outvoted only by employees, and a rival may take over the company.","correct":false,"explanation":"Voting power comes primarily from share ownership, not employee status. Any shareholders with sufficient votes may outvote the original owners."}]},{"id":"8f0fb896-22a1-49de-91d8-4c8fea39354b","cardType":"basic","points":1,"front":"What happens to a not-for-profit organisation's surplus?","back":"The surplus is reinvested in its social, community or environmental aim.","mcqOptions":[{"text":"The surplus is reinvested in its social, community or environmental aim.","correct":true,"explanation":"A not-for-profit organisation uses surplus funds to support its stated social, community or environmental purpose rather than distributing profits to private owners."},{"text":"The surplus is paid as dividends to private shareholders.","correct":false,"explanation":"Distributing dividends to private shareholders is a profit-making company activity. A not-for-profit organisation reinvests its surplus in its stated aim."},{"text":"The surplus is returned to customers as personal income.","correct":false,"explanation":"Customers do not normally receive a not-for-profit organisation’s surplus as income. The money is used to advance its social, community or environmental purpose."},{"text":"The surplus is transferred automatically to the government.","correct":false,"explanation":"A not-for-profit organisation is not required to transfer all surplus to the government. It reinvests the money in its own social, community or environmental aim."}]},{"id":"89ad02f6-f550-43f6-afa7-7c7eefbc7552","cardType":"cloze","points":null,"front":"Sole traders and partnerships have [ ].","back":"Sole traders and partnerships have unlimited liability.","mcqOptions":[{"text":"unlimited liability","correct":true,"explanation":"Sole traders and ordinary partnerships are unincorporated, so the owners are personally responsible for business debts. This is known as unlimited liability."},{"text":"limited liability","correct":false,"explanation":"Limited liability is associated with incorporated businesses, where the company has a separate legal identity. Sole traders and partnerships generally have unlimited liability."},{"text":"separate legal identity","correct":false,"explanation":"A separate legal identity belongs to incorporated businesses. Sole traders and partnerships are generally unincorporated and therefore have unlimited liability."},{"text":"public share ownership","correct":false,"explanation":"Public share ownership is associated with a plc, not sole traders or partnerships. These business structures have unlimited liability rather than publicly traded shares."}]},{"id":"ddce6df2-0058-4c9e-8346-605cef59366a","cardType":"cloze","points":null,"front":"Private limited companies and public limited companies have [ ].","back":"Private limited companies and public limited companies have limited liability.","mcqOptions":[{"text":"limited liability","correct":true,"explanation":"Limited liability means the owners’ personal finances are protected, so they usually only risk the money invested in the company if it cannot pay its debts."},{"text":"unlimited liability","correct":false,"explanation":"Unlimited liability would make owners personally responsible for all business debts, which applies to sole traders and ordinary partnerships. The correct term for these companies is limited liability."},{"text":"shared liability","correct":false,"explanation":"Shared liability is not the legal protection provided by these company structures. Shareholders’ financial responsibility is limited to their investment, so the correct answer is limited liability."},{"text":"personal liability","correct":false,"explanation":"Personal liability would mean shareholders’ private assets could be used to repay company debts. The defining protection of private and public limited companies is limited liability."}]},{"id":"9d28fbfe-811e-4c8d-bf02-d54ca67e35d6","cardType":"cloze","points":null,"front":"A payment from company profit to a shareholder is called a [ ].","back":"A payment from company profit to a shareholder is called a dividend.","mcqOptions":[{"text":"dividend","correct":true,"explanation":"A dividend is a payment made to shareholders from a company’s profits, usually based on the number of shares they own."},{"text":"interest","correct":false,"explanation":"Interest is a return paid to lenders such as banks or bondholders, not normally to company owners. A company distributes profit to shareholders through a dividend."},{"text":"salary","correct":false,"explanation":"A salary is payment for work performed by an employee or director, rather than a distribution of ownership profit. The payment to shareholders is called a dividend."},{"text":"royalty","correct":false,"explanation":"A royalty is payment for using intellectual property or another asset, such as a brand or patent. Profit paid to a shareholder is a dividend."}]},{"id":"35e375e3-494a-4089-9291-18d0d65a3115","cardType":"cloze","points":null,"front":"A business wanting to keep ownership within a family may choose a [ ].","back":"A business wanting to keep ownership within a family may choose a private limited company.","mcqOptions":[{"text":"private limited company","correct":true,"explanation":"A private limited company can restrict who buys its shares, allowing the owners to keep control and ownership within the family."},{"text":"public limited company","correct":false,"explanation":"A public limited company can offer shares to the general public, making family-only ownership harder to maintain. A private limited company is more suitable for keeping ownership in the family."},{"text":"ordinary partnership","correct":false,"explanation":"An ordinary partnership may keep ownership among a small group, but it does not provide the same company structure or limited liability. The suitable choice is a private limited company."},{"text":"franchise","correct":false,"explanation":"A franchise gives another operator permission to use an established business model and brand; it is not primarily a family ownership structure. The correct choice is a private limited company."}]},{"id":"26bd503e-1601-442a-8faf-b1002fe7cc76","cardType":"cloze","points":null,"front":"The four issues used to compare legal structures include management and control, finance, liability and distribution of [ ].","back":"The four issues used to compare legal structures include management and control, finance, liability and distribution of profits.","mcqOptions":[{"text":"profits","correct":true,"explanation":"Legal structures are compared by who controls the business, how it raises finance, who bears liability, and how profits are distributed among owners."},{"text":"sales","correct":false,"explanation":"Sales measure revenue earned from selling goods or services, not how a legal structure allocates returns to owners. The comparison considers distribution of profits."},{"text":"assets","correct":false,"explanation":"Assets are resources owned by a business, such as equipment or property, but they are not the fourth issue in this comparison. The correct term is profits."},{"text":"employees","correct":false,"explanation":"Employees are people working for the business, whereas the relevant legal-structure issue concerns returns received by owners. The fourth issue is distribution of profits."}]}]}],"examCountdown":{"examDate":"2027-05-12","paperLabel":"Paper 1"},"heading":"1.2 Business ownership","title":"1.2 Business ownership Flashcards","topbar":{"backHref":"/gcse/business/aqa/flashcards"},"topicSidebar":"$L36"}]}],"topicId":"2ea7607d-663a-54e0-8cfb-8cfedf6e2d05","walled":"$L37"}],"$L38","$L39"]