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Business Ownership Comparison Worksheet

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Business Ownership Comparison Worksheet

Business ownership types illustration

📊 Part 1: Business Ownership Types Comparison

Instructions: Complete the table below by filling in information about each business ownership type. Use the key terms provided and examples discussed in class.

Key Terms: liability, ownership, profit, control, shareholders, unlimited liability, limited liability

1. Sole Trader

Ownership Structure: _________________________________________________

Who makes decisions? ____________________________________________

Main benefits: ___________________________________________________

Main risks/challenges: ____________________________________________

Australian example: ______________________________________________

2. Partnership

Ownership Structure: _________________________________________________

Who makes decisions? ____________________________________________

Main benefits: ___________________________________________________

Main risks/challenges: ____________________________________________

Australian example: ______________________________________________

3. Private Company

Ownership Structure: _________________________________________________

Who makes decisions? ____________________________________________

Main benefits: ___________________________________________________

Main risks/challenges: ____________________________________________

Australian example: ______________________________________________

4. Government Business Enterprise

Ownership Structure: _________________________________________________

Who makes decisions? ____________________________________________

Main benefits: ___________________________________________________

Main risks/challenges: ____________________________________________

Australian example: ______________________________________________

💭 Part 2: Analysis and Reflection

5. Which ownership type offers the most control to owners? Explain your answer.
6. Which ownership type has the greatest protection from personal liability? Why is this important?
7. If you wanted to start a business, which ownership type would you choose? Give two reasons for your choice.

Sentence starter: I would choose _____________ because firstly _____________ and secondly _____________.

8. Compare sole traders and partnerships. List two similarities and two differences.

Similarities:

1. _________________________________________________________________

2. _________________________________________________________________

Differences:

1. _________________________________________________________________

2. _________________________________________________________________

🌏 Part 3: Local Business Investigation

9. Think about businesses on Christmas Island or that you know from Australia. Can you identify one example of each ownership type? If you're not sure, make your best guess and explain your reasoning.

Local Sole Trader: _________________________________________

Why I think this: ___________________________________________

Partnership: ________________________________________________

Why I think this: ___________________________________________

Private Company: ___________________________________________

Why I think this: ___________________________________________

10. Extension Challenge: Research one business ownership type further. What are some specific advantages this type might have for businesses operating in remote locations like Christmas Island?

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