CIMA BA4 Syllabus D. COMPANY ADMINISTRATION - Sole Traders, Partnerships And Companies - Notes ^{2 / 12}

These own and run their own business

The sole trader is the person behind it. It is not a separate legal identity

These are basically a collection of sole traders

So again not a separate legal entity and the individual partners can all be sued

Here the company IS a separate legal entity from its owners

The owner is liable only to amount agreed