Hint: Australian private and public companies are run by their directors and owned by their shareholders.

Hint: A partnership is a group or association of people who carry on a business and distribute income or losses between themselves.

Hint: A sole trader is an individual running a business. If you operate your business as a sole trader, you are the only owner and you control and manage the business.

Hint: A trustee is legally responsible for the operation of the trust. Trustees can be an individual or a company. Profits from a trust go to beneficiaries.