ownership
- Created by: manz be getting 9s
- Created on: 29-09-18 16:25
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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
- usually unlimited liability
- 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
- sole trader
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