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13 cards from this deck
Legal obligation to pay company's debts
Owner personally responsible for all business debts
Sole traders
Personal assets: home, car, savings, possessions
Owners only risk their original investment amount
Private limited companies (Ltd)
Company exists independently from its owners
Personal assets: homes, savings, possessions
Only their original investment in shares
Owner has complete control (100% ownership)
Owner keeps all profits
Yes, must file with Companies House
Unlimited liability
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