a. Features of a Sole Proprietorship:

1. Ownership: It is owned by a single individual who runs the business.
2. Unlimited Liability: The owner has unlimited liability, meaning personal assets may be used to settle business debts.
3. Profit Retention: The sole proprietor retains all the profits made by the business.
4. Decision-Making: The sole owner has full control and makes all decisions regarding the business operations.
5. Limited Lifespan: The business usually has a limited lifespan and may cease to exist upon the death or incapacity of the owner.

b. Characteristics of a Public Limited Liability Company:

1. Limited Liability: Shareholders’ liability is limited to the value of their shares in the company.
2. Ownership: Ownership is divided among shareholders who own shares in the company.
3. Separate Legal Entity: The company is recognized as a separate legal entity from its owners, meaning it can sue and be sued in its own name.
4. Public Trading: Shares of the company are offered to the public and traded on the stock exchange.
5. Regulatory Requirements: Public limited companies are subject to stricter regulations and must publicly disclose their financial performance through annual reports.