What you'll learn
How businesses are owned and what they aim to achieve.
Key ideas
- Ownership types: sole trader, partnership, private and public limited companies.
- Limited vs unlimited liability.
- Aims and objectives: profit, survival, growth and social aims.
Exam tips
- Weigh the pros and cons of ownership types.
- Match objectives to the business stage.
Common mistakes
- Confusing limited and unlimited liability.
- Listing ownership types without evaluating.