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24:[["$","$L33",null,{"feature":"flashcards"}],"$L34",["$","$L35",null,{"href":"/gcse/business/ocr/business-ownership/flashcards","label":"Business ownership","subjectCode":"gcse_business__ocr","surface":"flashcards"}],["$","$L36",null,{"runner":["$","div",null,{"className":"min-h-0 flex-1 overflow-hidden bg-background","children":["$","$L37",null,{"decks":[{"id":"8fc90f3a-23cb-4eb2-b8a4-3caca518018d","title":"Business ownership Flashcards","topicId":"9af596be-e973-5b4b-9a7c-8458649ca0e2","topicSlug":"business-ownership","cards":[{"id":"d83ab288-254c-4874-93c3-1127b56ba308","cardType":"cloze","points":null,"front":"The legal structure deciding who owns, controls and is responsible for a business is [ ].","back":"The legal structure deciding who owns, controls and is responsible for a business is business ownership.","mcqOptions":[{"text":"business ownership","correct":true,"explanation":"Business ownership describes the legal structure that determines who owns, controls and is responsible for a business."},{"text":"business organisation","correct":false,"explanation":"Business organisation describes how activities or workers may be arranged, not the legal structure determining ownership, control and responsibility. The correct term is business ownership."},{"text":"business liability","correct":false,"explanation":"Business liability concerns responsibility for debts or legal claims, rather than the overall legal structure of the business. The correct term is business ownership."},{"text":"business control","correct":false,"explanation":"Business control refers to who makes decisions, but does not cover the complete legal structure of ownership and responsibility. The correct term is business ownership."}]},{"id":"11fdf53f-b325-43dc-9f7e-c8afeae74870","cardType":"cloze","points":null,"front":"[ ] means legal responsibility for paying business debts.","back":"Liability means legal responsibility for paying business debts.","mcqOptions":[{"text":"Liability","correct":true,"explanation":"Liability is the legal responsibility for paying business debts, which may fall on the business or personally on its owners."},{"text":"Solvency","correct":false,"explanation":"Solvency means being able to pay debts when they are due, not legal responsibility for those debts. The correct term is liability."},{"text":"Profitability","correct":false,"explanation":"Profitability measures how successfully a business makes profit, rather than responsibility for paying debts. The correct term is liability."},{"text":"Ownership","correct":false,"explanation":"Ownership identifies who owns a business, but does not mean legal responsibility for paying its debts. The correct term is liability."}]},{"id":"db1a6f7e-8212-49ad-9932-c9d2ede59061","cardType":"cloze","points":null,"front":"Sole traders and ordinary partnerships have [ ], so owners may be personally responsible for debts.","back":"Sole traders and ordinary partnerships have unlimited liability, so owners may be personally responsible for debts.","mcqOptions":[{"text":"unlimited liability","correct":true,"explanation":"Unlimited liability means owners can be personally responsible for business debts, potentially putting their personal money or possessions at risk."},{"text":"limited liability","correct":false,"explanation":"Limited liability normally restricts owners’ financial risk to the amount invested, so it does not describe sole traders and ordinary partnerships. The correct term is unlimited liability."},{"text":"separate legal identity","correct":false,"explanation":"A separate legal identity makes a company distinct from its owners and usually supports limited liability. Sole traders and ordinary partnerships have unlimited liability."},{"text":"business continuity","correct":false,"explanation":"Business continuity concerns whether a business can continue operating, not whether owners are personally responsible for its debts. The correct term is unlimited liability."}]},{"id":"337626c8-0023-47e0-828f-de2ebbc4477b","cardType":"basic","points":1,"front":"What personal risk does unlimited liability create for owners?","back":"Owners may use personal money or possessions to pay debts.","mcqOptions":[{"text":"Owners may use personal money or possessions to pay debts.","correct":true,"explanation":"Unlimited liability can make owners personally responsible for business debts, so their own money or possessions may be used to repay creditors."},{"text":"Owners may use company money or possessions to pay debts.","correct":false,"explanation":"Company assets may be used to pay debts, but unlimited liability creates the additional risk of owners’ personal assets being used. The correct answer is personal money or possessions."},{"text":"Owners may use borrowed money or possessions to pay debts.","correct":false,"explanation":"Borrowing can provide funds, but unlimited liability specifically exposes owners’ personal money or possessions to business debts. The correct answer is personal money or possessions."},{"text":"Owners may use employees’ money or possessions to pay debts.","correct":false,"explanation":"Employees are not normally responsible for the owner’s business debts. Unlimited liability can expose the owners’ own money or possessions, which is the correct answer."}]},{"id":"fa38b58f-64ae-4502-a0ed-8bcf48235d6f","cardType":"cloze","points":null,"front":"Limited liability usually limits owners' risk to [ ].","back":"Limited liability usually limits owners' risk to the money they invested.","mcqOptions":[{"text":"the money they invested","correct":true,"explanation":"Limited liability usually means owners can lose the money they invested, but their personal possessions and other personal funds are normally protected."},{"text":"the company’s annual profits","correct":false,"explanation":"Annual profits are not the usual measure of an owner’s financial risk. Limited liability normally restricts the risk to the money invested in the business."},{"text":"the value of their personal possessions","correct":false,"explanation":"Protecting personal possessions is a key effect of limited liability, so their value is not usually the limit of the owners’ risk. The correct term is the money they invested."},{"text":"the business’s total debts","correct":false,"explanation":"Owners with limited liability are generally not personally responsible for all business debts. Their risk is usually limited to the money they invested."}]},{"id":"447a3d79-b567-4b57-b1a6-4dea06aa0c5f","cardType":"basic","points":2,"front":"Why does limited liability protect shareholders in Ltds and plcs?","back":"The company has a separate legal identity from shareholders.","mcqOptions":[{"text":"The company has a separate legal identity from shareholders.","correct":true,"explanation":"A separate legal identity means the company is legally distinct from its shareholders, so shareholders are normally liable only for the amount they invested."},{"text":"The company has a shared legal identity with shareholders.","correct":false,"explanation":"Sharing a legal identity would make the company and shareholders less distinct, increasing personal exposure rather than protecting shareholders. The correct answer is separate legal identity."},{"text":"The company has a temporary legal identity from shareholders.","correct":false,"explanation":"A temporary identity does not explain limited liability or the legal separation between a company and its shareholders. The correct answer is separate legal identity."},{"text":"The company has a personal legal identity from shareholders.","correct":false,"explanation":"A company has its own separate legal identity, not a personal one belonging to shareholders. This separation is what normally protects shareholders from company debts."}]},{"id":"ebbabf00-c7eb-4a18-8629-f1905240b280","cardType":"basic","points":1,"front":"How many owners does a sole trader have?","back":"One owner.","mcqOptions":[{"text":"One owner.","correct":true,"explanation":"A sole trader is owned by one person. The word ‘sole’ means single, although that owner can still employ other workers."},{"text":"Two owners.","correct":false,"explanation":"Two owners would normally form a partnership rather than a sole trader. A sole trader has one owner, although the business may employ staff."},{"text":"Unlimited owners.","correct":false,"explanation":"A sole trader is not defined by having unlimited owners. The term means the business has one owner, even if it has many employees."},{"text":"At least two owners.","correct":false,"explanation":"Having at least two owners describes a partnership or another shared ownership structure. A sole trader has one owner."}]},{"id":"e7f41627-f590-4af8-a455-d2090b50681f","cardType":"basic","points":1,"front":"Can a sole trader employ workers?","back":"Yes - sole means one owner, not no employees.","mcqOptions":[{"text":"Yes - sole means one owner, not no employees.","correct":true,"explanation":"A sole trader has one owner, but that owner can employ workers. ‘Sole’ refers to ownership, not the number of people working in the business."},{"text":"No - sole means one owner and no employees.","correct":false,"explanation":"The word ‘sole’ describes having one owner, not having no employees. A sole trader may employ workers, so the correct answer is yes."},{"text":"Yes - sole means one employee, not one owner.","correct":false,"explanation":"‘Sole’ refers to one owner, not one employee. A sole trader can employ several workers, so the correct explanation is that sole means one owner."},{"text":"No - sole means the owner must work alone.","correct":false,"explanation":"A sole trader does not have to work alone and may employ workers. ‘Sole’ means there is one owner, so the correct answer is yes."}]},{"id":"b5722f0c-5cb9-4083-ae16-f8c14d87d4c9","cardType":"basic","points":2,"front":"Why can sole traders often make decisions quickly?","back":"The owner does not need to consult many people.","mcqOptions":[{"text":"The owner does not need to consult many people.","correct":true,"explanation":"A sole trader has no partners or shareholders whose approval is required, so the owner can act without lengthy discussion or formal voting."},{"text":"The owner shares decisions with partners.","correct":false,"explanation":"This confuses a sole trader with a partnership, where partners may need to discuss decisions. A sole trader can decide quickly because the owner does not need to consult many people."},{"text":"The owner is protected by limited liability.","correct":false,"explanation":"Limited liability concerns the owner’s financial risk, not decision-making speed. The correct reason is that the owner does not need to consult many people before acting."},{"text":"The owner can sell shares publicly.","correct":false,"explanation":"A sole trader does not raise ownership finance by selling public shares. Decisions are quick because the owner does not need to consult many people."}]},{"id":"6687548e-fb36-4147-95ae-dcfa9b900c06","cardType":"basic","points":2,"front":"Why may a sole trader struggle to raise large finance?","back":"Only one owner is investing money.","mcqOptions":[{"text":"Only one owner is investing money.","correct":true,"explanation":"A sole trader depends mainly on one owner’s capital, so there is less internal finance available than in a business with several owners or investors."},{"text":"Several partners are investing money.","correct":false,"explanation":"This describes a partnership rather than a sole trader. A sole trader may struggle because only one owner is investing money, limiting the capital available."},{"text":"Many shareholders are investing money.","correct":false,"explanation":"This is associated with a limited company, where shareholders can provide capital. A sole trader has only one owner investing money, so raising large finance is harder."},{"text":"The government is investing money.","correct":false,"explanation":"Government investment is not the normal source of finance for a sole trader. The difficulty comes from relying on only one owner to invest money."}]},{"id":"2bd16024-0e88-406c-a520-17ccc8761f72","cardType":"basic","points":2,"front":"How can a partnership raise more finance than a sole trader?","back":"More partners can invest money.","mcqOptions":[{"text":"More partners can invest money.","correct":true,"explanation":"A partnership has several owners, so more partners can contribute capital. This gives the business greater internal finance than a sole trader usually has."},{"text":"More shareholders can invest money.","correct":false,"explanation":"Shareholders provide finance to limited companies, not ordinary partnerships. A partnership raises more than a sole trader because more partners can invest money."},{"text":"More employees can invest money.","correct":false,"explanation":"Employees are workers and do not automatically provide ownership capital. The relevant advantage is that more partners can invest money in the partnership."},{"text":"More banks can invest money.","correct":false,"explanation":"Banks may lend money, but they are not the owners providing the partnership’s internal finance. Partnerships can raise more because more partners can invest money."}]},{"id":"e8281721-26e3-42a0-a2a5-317476a7c054","cardType":"basic","points":2,"front":"Why can a partnership have wider expertise than a sole trader?","back":"Partners bring different skills, experience and contacts.","mcqOptions":[{"text":"Partners bring different skills, experience and contacts.","correct":true,"explanation":"Each partner may contribute different knowledge, abilities and business connections, giving the partnership a broader range of expertise than one sole trader."},{"text":"Partners bring the same skills, experience and contacts.","correct":false,"explanation":"Having identical expertise would not widen the partnership’s knowledge base. The advantage comes from partners bringing different skills, experience and contacts."},{"text":"Partners bring more money, equipment and premises.","correct":false,"explanation":"These are possible resource advantages, but they do not explain wider expertise. The relevant reason is that partners contribute different skills, experience and contacts."},{"text":"One owner brings different skills, experience and contacts.","correct":false,"explanation":"This describes one person rather than several partners, so it does not explain the partnership’s wider expertise. Partners contribute different skills, experience and contacts."}]},{"id":"98af1363-b2c6-4990-ad65-ab186914feca","cardType":"cloze","points":null,"front":"A [ ] sets out profit sharing, partner roles and what happens if a partner leaves.","back":"A deed of partnership sets out profit sharing, partner roles and what happens if a partner leaves.","mcqOptions":[{"text":"deed of partnership","correct":true,"explanation":"A deed of partnership is the formal agreement that records how profits are shared, what roles partners have and what happens when a partner leaves."},{"text":"contract of employment","correct":false,"explanation":"A contract of employment sets out an employee’s duties, pay and working conditions. The agreement covering partnership arrangements is a deed of partnership."},{"text":"shareholder agreement","correct":false,"explanation":"A shareholder agreement deals with relationships between shareholders in a company. For partners, the relevant document is a deed of partnership."},{"text":"business plan","correct":false,"explanation":"A business plan explains objectives, strategies and expected finances, rather than partners’ legal arrangements. Profit sharing and partner roles are set out in a deed of partnership."}]},{"id":"afecb2b7-4b6d-4954-bce1-40e49e209f84","cardType":"basic","points":2,"front":"Why can partnership decisions be slower than sole trader decisions?","back":"Partners may disagree and need consultation.","mcqOptions":[{"text":"Partners may disagree and need consultation.","correct":true,"explanation":"Partnership decisions can take longer because partners may have different views and need to consult each other before reaching an agreement."},{"text":"Partners can decide alone and avoid consultation.","correct":false,"explanation":"This reverses the key difference between ownership types. Partners may disagree and need consultation, whereas a sole trader can usually decide alone."},{"text":"One owner may disagree and need consultation.","correct":false,"explanation":"A sole trader has one owner, so there are no other owners who must be consulted. Partnership decisions can be slower because partners may disagree and need consultation."},{"text":"Shareholders may disagree and need consultation.","correct":false,"explanation":"This shifts the explanation to company ownership. In a partnership, decisions may be slower because partners may disagree and need consultation."}]},{"id":"93c896ae-209a-4649-b0ce-50e70dfd6fb2","cardType":"basic","points":1,"front":"How are shares in an Ltd sold?","back":"Privately, often to family, friends or invited investors.","mcqOptions":[{"text":"Privately, often to family, friends or invited investors.","correct":true,"explanation":"An Ltd cannot offer its shares freely to the general public. Shares are sold privately, commonly to family, friends or investors specifically invited to buy them."},{"text":"Publicly, through a stock exchange.","correct":false,"explanation":"This is characteristic of a public limited company rather than an Ltd. An Ltd sells shares privately, often to family, friends or invited investors."},{"text":"Privately, to anyone who wants to buy them.","correct":false,"explanation":"An Ltd restricts share transfers rather than offering them openly to anyone. Shares are sold privately, often to family, friends or invited investors."},{"text":"Only, to the original owner.","correct":false,"explanation":"Shares in an Ltd can be transferred to selected people, so they are not limited to the original owner. They are sold privately to family, friends or invited investors."}]},{"id":"582ba9a2-6ab4-4d58-986f-cfa069035342","cardType":"basic","points":1,"front":"Who runs an Ltd day to day?","back":"Directors.","mcqOptions":[{"text":"Directors.","correct":true,"explanation":"Directors are appointed to manage the company and make its day-to-day business decisions, while shareholders own the shares and receive certain company rights."},{"text":"Shareholders.","correct":false,"explanation":"Shareholders own parts of the company but do not usually handle its daily operations. Directors are responsible for running an Ltd day to day."},{"text":"Employees.","correct":false,"explanation":"Employees carry out jobs within the business but are not automatically responsible for overall management. Directors run an Ltd’s daily operations."},{"text":"Sole traders.","correct":false,"explanation":"A sole trader is a different form of business ownership, not the person who manages an Ltd. Directors are responsible for running an Ltd day to day."}]},{"id":"63e0ab4d-8f1b-4ee7-b006-b380d377959b","cardType":"basic","points":2,"front":"Why can limited liability encourage investment in an Ltd?","back":"Investors' personal assets are usually protected.","mcqOptions":[{"text":"Investors' personal assets are usually protected.","correct":true,"explanation":"Limited liability separates the investor’s personal finances from the company’s debts, so personal belongings such as savings or a home are usually not at risk if the company fails."},{"text":"The company’s business assets are usually protected.","correct":false,"explanation":"Limited liability does not protect the company’s assets; it protects investors’ personal assets from most business debts. Confusing these two types of assets reverses the key benefit of an Ltd."},{"text":"Investors' investments are always protected.","correct":false,"explanation":"Investors can still lose the money they put into the company if it performs badly. Limited liability normally protects their personal assets, rather than guaranteeing their investment."},{"text":"The business's debts are usually protected.","correct":false,"explanation":"An Ltd is not automatically protected from every business loss or debt. The usual protection applies to investors’ personal assets, while the company remains responsible for its liabilities."}]},{"id":"d655fbbc-26a2-4e99-9f97-c16088b3368d","cardType":"basic","points":2,"front":"What administration drawback can an Ltd have compared with a sole trader?","back":"More legal requirements and some public financial filing.","mcqOptions":[{"text":"More legal requirements and some public financial filing.","correct":true,"explanation":"Compared with a sole trader, an Ltd must meet additional company-law obligations, including more formal administration and some public filing of financial information."},{"text":"Fewer legal requirements and no public financial filing.","correct":false,"explanation":"An Ltd generally has more, not fewer, legal requirements than a sole trader. Its incorporated status creates formal reporting and filing duties, including some public financial information."},{"text":"No legal requirements and private financial filing.","correct":false,"explanation":"An Ltd does not avoid legal requirements or financial records. The drawback is the extra administration and some public filing required from an incorporated company."},{"text":"Limited legal requirements and no financial filing.","correct":false,"explanation":"Although an Ltd may have limited liability, that does not remove its administrative duties. Compared with a sole trader, it faces more legal requirements and some public financial filing."}]},{"id":"3574b7db-bfb4-4675-977d-b574b794f82c","cardType":"basic","points":2,"front":"What key feature distinguishes a plc from an Ltd?","back":"A plc sells shares to the public on the stock market.","mcqOptions":[{"text":"A plc sells shares to the public on the stock market.","correct":true,"explanation":"A plc can offer shares for purchase by members of the public through a recognised stock market, unlike an Ltd whose shares are privately held and not publicly traded."},{"text":"A plc sells shares only to existing private shareholders.","correct":false,"explanation":"An Ltd can issue shares, but it cannot offer them to the general public on the stock market. Public trading of shares is the distinguishing feature of a plc."},{"text":"A plc gives shareholders unlimited liability for company debts.","correct":false,"explanation":"Both plcs and Ltds are limited companies, so limited liability does not distinguish them. The key difference is that a plc can sell shares publicly on the stock market."},{"text":"A plc is owned by the government through public funding.","correct":false,"explanation":"A plc is not distinguished by government ownership; it is normally a private-sector business. Its defining feature is the ability to sell shares to the public on the stock market."}]},{"id":"ff489ed2-dba6-4f20-8489-3fdc5b0014b3","cardType":"cloze","points":null,"front":"A public limited company is usually in the [ ]; public refers to share buying, not government ownership.","back":"A public limited company is usually in the private sector; public refers to share buying, not government ownership.","mcqOptions":[{"text":"private sector","correct":true,"explanation":"A plc is usually a private-sector business owned by private shareholders. The word “public” describes who may buy its shares, not ownership by the government."},{"text":"public sector","correct":false,"explanation":"The public sector consists of organisations owned or controlled by the government. A plc is usually in the private sector, even though members of the public can buy its shares."},{"text":"voluntary sector","correct":false,"explanation":"The voluntary sector includes charities and other not-for-profit organisations. A plc is normally a profit-making private-sector company whose shares may be publicly traded."},{"text":"state-owned sector","correct":false,"explanation":"A plc is not normally state-owned. Its shares belong to private investors, so it belongs to the private sector; “public” refers to share availability."}]},{"id":"b627cb06-3da0-403a-b9e3-5f729dcdf0e8","cardType":"basic","points":2,"front":"Why is a plc suitable for a large established business seeking expansion?","back":"It can raise very large finance from public share sales.","mcqOptions":[{"text":"It can raise very large finance from public share sales.","correct":true,"explanation":"Selling shares to members of the public allows a plc to collect substantial investment from many shareholders, making it suitable for funding major expansion plans."},{"text":"It can raise very small finance from public share sales.","correct":false,"explanation":"Public share sales can raise very large amounts, not merely small finance. Limiting the funds to a small amount would miss the main expansion advantage of plc status."},{"text":"It can raise very large finance from existing owners only.","correct":false,"explanation":"A plc can raise finance from many public investors rather than only its existing owners. Restricting share sales to existing owners describes a private-company approach."},{"text":"It can raise very large loans from public share sales.","correct":false,"explanation":"Public share sales provide equity finance, not guaranteed loans. The major benefit is raising very large finance by selling shares to many public investors."}]},{"id":"a39382fd-3d23-4ddb-ad58-414efc91680d","cardType":"basic","points":2,"front":"What public scrutiny drawback does a plc face?","back":"It must publish more information and follow more legal rules.","mcqOptions":[{"text":"It must publish more information and follow more legal rules.","correct":true,"explanation":"A plc has greater transparency obligations than a private company, including publishing more information and complying with additional legal and stock-market rules."},{"text":"It must publish less information and follow fewer legal rules.","correct":false,"explanation":"A plc normally faces more disclosure and legal obligations, not fewer. Public investors need information to assess the company and make informed investment decisions."},{"text":"It need not publish any information or follow legal rules.","correct":false,"explanation":"Public companies are not exempt from legal rules. Their public trading status usually increases reporting, disclosure and compliance requirements."},{"text":"It must publish private information and follow fewer legal rules.","correct":false,"explanation":"A plc’s public status does not mean it publishes only private information. It must disclose more information publicly and meet more legal requirements than an Ltd."}]},{"id":"a688ba68-519c-44ce-aeff-dbaa88ad681b","cardType":"basic","points":2,"front":"Why may original owners lose control after becoming a plc?","back":"Shares are widely owned, so investors can pressure strategy.","mcqOptions":[{"text":"Shares are widely owned, so investors can pressure strategy.","correct":true,"explanation":"When shares are widely distributed, original owners may no longer control enough votes to determine decisions alone. Other investors can therefore influence or pressure the business strategy."},{"text":"Shares are closely owned, so investors cannot pressure strategy.","correct":false,"explanation":"Shares in a plc may be widely owned rather than concentrated in the original owners’ hands. This wider ownership can reduce their control and increase investor influence."},{"text":"Shares are government owned, so investors can pressure strategy.","correct":false,"explanation":"Becoming a plc does not make shares automatically owned by the government. The risk to original owners comes from shares being widely distributed among investors."},{"text":"Shares are owner restricted, so investors cannot pressure strategy.","correct":false,"explanation":"A plc’s shares can be bought by many public investors, so ownership is not restricted to the original owners. This may dilute their voting control over strategy."}]},{"id":"d0a7dda3-6c57-4ace-8961-132b35daab4e","cardType":"cloze","points":null,"front":"Start-ups often choose sole trader or partnership structures because they are [ ] and [ ] to set up.","back":"Start-ups often choose sole trader or partnership structures because they are simple and cheap to set up.","mcqOptions":[{"text":"Start-ups often choose sole trader or partnership structures because they are simple and cheap to set up.","correct":true,"explanation":"Sole traders and partnerships are often chosen by start-ups because they involve relatively straightforward arrangements and lower formation costs than limited-company structures."},{"text":"Start-ups often choose sole trader or partnership structures because they are complex and expensive to set up.","correct":false,"explanation":"Start-ups usually prefer structures that are simple and cheap to establish. Complex and expensive arrangements create unnecessary administration and costs at an early stage."},{"text":"Start-ups often choose sole trader or partnership structures because they are slow and expensive to set up.","correct":false,"explanation":"These structures are generally quick and inexpensive to establish, rather than slow and costly. The misconception confuses them with more formal incorporated business structures."},{"text":"Start-ups often choose sole trader or partnership structures because they are highly regulated and costly to set up.","correct":false,"explanation":"Sole trader and partnership structures are not usually chosen because they are heavily regulated and costly. Their appeal is that they are simple and cheap to set up."}]},{"id":"555f7f76-f4cc-4153-b735-02041736c104","cardType":"basic","points":2,"front":"Why might a risky start-up choose Ltd status?","back":"It gives limited liability protection from personal financial loss.","mcqOptions":[{"text":"It gives limited liability protection from personal financial loss.","correct":true,"explanation":"Ltd status makes the company a separate legal entity, so shareholders generally lose only what they invested rather than being personally responsible for all business debts."},{"text":"It gives unlimited liability exposure to personal financial loss.","correct":false,"explanation":"Unlimited liability would expose owners’ personal assets if the business failed. The relevant benefit of Ltd status is limited liability, which restricts shareholders’ potential personal financial loss."},{"text":"It gives guaranteed profitability protection from business financial loss.","correct":false,"explanation":"Incorporation cannot ensure that a start-up succeeds or earns money. A risky start-up may choose Ltd status because limited liability protects shareholders from personal responsibility for company debts."},{"text":"It gives complete tax exemption protection from corporation tax.","correct":false,"explanation":"Private limited companies still pay applicable taxes, including corporation tax on profits. The attraction for a risky start-up is limited liability protection, not exemption from taxation."}]}]}],"examCountdown":{"examDate":"2027-05-12","paperLabel":"Paper 1"},"heading":"Business ownership","title":"Business ownership Flashcards","topbar":{"backHref":"/gcse/business/ocr/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"9af596be-e973-5b4b-9a7c-8458649ca0e2","walled":"$L39"}],"$L3a","$L3b"]