ownership

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  • Business ownership
    • sole trader
      • one person owns 100% of the business
      • only one owner
      • owner has complete control
      • owner can make all their own decisions
        • working hours
        • profit
        • who to employ
      • easy to set up
        • requires very little startup
      • Unlimited liability
    • partnership
      • where 2-20 people own the business
      • each partner invests in the business
      • each partner is equally responsible for debt
      • each partner will have a share of the profit
      • each partner shares in decision making
        • usually unlimited liability
          • limited liability partnerships
    • private limited company (LTD)
      • have Ltd after the name
      • have 1 or more members
      • must have at least 1 director either 16 or above
      • shareholders have a say in how the company is run
      • the business is a separate entity
      • limited liability
      • have to accept new shareholders
    • public limited company (PLC)
      • anyone can buy shares
      • have plc after name
      • must sell £50000 shares a year
      • limited liability

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