In the Australian context, which of the following statements correctly describe the differences between Sole Traders and Companies as legal entities? Select one or more: a. A Sole Trader is a single person whereas a Company can (but does not need to) consist of multiple members. b. A Sole Trader has unlimited liability whereas the owners of a Company have limited liability. c. They are not really different, just two different names for the same thing. d. A Company is a separate legal entity whereas a Sole Trader is not.

Practical Management Science
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In the Australian context, which of the following statements correctly describe the
differences between Sole Traders and Companies as legal entities?
Select one or more:
a. A Sole Trader is a single person whereas a Company can (but does not need to)
consist of multiple members.
b. A Sole Trader has unlimited liability whereas the owners of a Company have
limited liability.
c. They are not really different, just two different names for the same thing.
d. A Company is a separate legal entity whereas a Sole Trader is not.
Transcribed Image Text:In the Australian context, which of the following statements correctly describe the differences between Sole Traders and Companies as legal entities? Select one or more: a. A Sole Trader is a single person whereas a Company can (but does not need to) consist of multiple members. b. A Sole Trader has unlimited liability whereas the owners of a Company have limited liability. c. They are not really different, just two different names for the same thing. d. A Company is a separate legal entity whereas a Sole Trader is not.
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