legal structures worksheet

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					                                                                          Group 3


                                                                         Key terms



What is meant by the term ‘sole trader’?

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What is meant by the term ‘limited liability’?

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What is meant by the term ‘incorporated business’?

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What is meant by the term ‘market size’ (give the 2 ways this can be expressed)?

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What is meant by the term ‘not-for-profit business’?

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                                                Group 3


    Advantages of starting a private limited                           Disadvantages
                  company                                                (at least 5)
                 (at least 5)




      Advantages of starting a partnership                             Disadvantages
                  (at least 5)                                           (at least 5)




Calculation:

If a business has sales of £350,000 and the total sales in that market are £3.7 million, calculate the
business’ market share.




Which legal structure do entrepreneur usually start up with & why do they change structure later
on?

				
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