Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
|
Name two types of liability? |
Unlimited liability Limited liability |
|
|
what does liability stand for? |
Liability means responsibility for the financial debts of the business. |
|
|
Business types of a unlimited liability? |
Sole traders and partnerships |
|
|
What's a risk with trading with unlimited liability? |
Lower as owners assets can be claimed. |
|
|
Business types for limited liability? |
Companies: Ltd and Plc |
|
|
What's a risk of trading with a limited liability? |
Higher, only business assets are at risk. |
