3 Sole traders and partnerships as business mediums
3.1 Key themes and learning outcomes
The key themes of Part B are:
partnership or firm;
assets and liabilities.
After studying Part B, you should be able to:
identify the main types of business medium;
demonstrate an understanding of the key characteristics of businesses run as sole traders;
demonstrate an understanding of the key characteristics of businesses run in partnership;
identify in broad terms where the risks of business failure lie;
determine what are the assets and liabilities of a business using numeracy skills.
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