ACCA LW ^Eng Syllabus D. The Formation And Constitution Of Business Organisations - Distinguish Between Sole Traders, Partnerships And Companies - Notes ^{1 / 5}

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