📚 Part 1: Understanding Business Structures

1. Which business structure is owned and operated by one person?

Partnership

Sole proprietorship (sole trader)

Corporation

Public company

2. In which business structure do shareholders have limited liability?

Sole proprietorship

Partnership

Corporation

All of the above

3. Which of the following are characteristics of a partnership? (Select all that apply)

Operated by 2 or more people

Profits are shared

Only one owner

Shared liability

4. Complete the sentence: A corporation is a _________________ entity that is separate from its owners.

Answer: ____________________

✏️ Part 2: Comparing Business Structures

5. List two advantages of a sole proprietorship:

6. Explain one major disadvantage of a partnership compared to a corporation:

7. Why might a large business choose to become a corporation rather than remain a partnership?

8. Match each Australian business example to its most likely structure:

Local café owner: ____________________

Law firm with multiple lawyers: ____________________

Commonwealth Bank: ____________________

🎯 Part 3: Analysis and Application

9. Sarah wants to start a small bakery. She has limited funds and wants full control over all decisions. Which business structure would you recommend and why?

10. Extension Activity: Choose ONE business structure and create a detailed comparison chart showing at least three advantages and three disadvantages. Include real Australian business examples.