Business Ownership

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  • Ownership
    • Sole Trader
      • Advantages
        • Easy to set up
        • Finance required
        • Control
        • Profits
        • Financial information
      • Disadvantages
        • Unlimited liability
        • Illness
        • Shortage of money
        • Hours of work
        • Skill shortage
    • Partnerships
      • Advantages
        • Capital
        • Easy to set up
        • More skills in the business
        • Workload shared
        • Financial information private
      • Disadvantages
        • Profit is shared
        • Unlimited liability
        • Shortage of money
        • Slower decision making
        • Continuity
    • Sleeping partners
      • Provide capital for the business but take no part in the running of the business.
    • Limited liability partnerships
      • Limited liability for debts
      • Only have to pay back what they have put in the business.
      • Solicitors choose this

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