TASC Business Studies Level 3 Practice Questions - TASC Business Studies Level 3 Examination (Course Code BST315116) Exam

What is a primary characteristic of a sole trader legal structure in Australia?

The business owner has unlimited personal liability for all business debts. The business is legally separate from its owner and pays corporate tax rates. Shares can be issued publicly on the Australian Securities Exchange (ASX). The entity requires at least two directors and a formal partnership agreement.

Correct Answer:

The business owner has unlimited personal liability for all business debts.

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