Forms Of Business Organization - JSS1 Business studies Past Questions and Answers - page 3

Limited liability protects business owners from being personally responsible for the debts and obligations of the business, thus safeguarding their personal assets.

Disadvantages of a sole proprietorship include unlimited personal liability for business debts, limited access to capital, and a potential lack of continuity in the business in the event of the owner's incapacity or death.

Cooperative societies promote economic empowerment among members by providing opportunities for shared ownership, decision-making, and access to resources, thus enabling members to collectively improve their economic well-being.