(a) Compare the essential characteristics of sole traders, partnerships and companies as 'business structures'.

In your answer you should discuss:

the respective advantages and disadvantages of each business structure

the steps, if any, required in forming each of them and how each business structure can be ended

(b) Define the following terms:

i. Joint and several liability

ii. Franchise

iii. Joint Venture

iv. Beneficiary

v. Shareholder