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Types of businesses Advantages/disadvanges

Sole trader- when an individual operates and manages a business, which is
a growing form of organisations. The person has full responsibility for the
financial capital of their business. Does not have protection from limited
liability! Can go bankrupt and still have to pay. Simple to…

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Business planning- a detailed statement setting out the proposals of a
business or explaining how to develop business. A summary of proposals
key features, aims and objectives, market research, details of
requirements (assets etc. ) info about manager, financial forecasting
(estimated inflow outflow etc.) This gets updated regularly- new

Page 3

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Reduces costs and outflows

Business software- having up to date information leads to having good
databases forecasts budgets and spreadsheets.

Databases- gather large amounts of information such as employee details,
stock records, fixed asset schedules, customer records, supplier records
etc. which could be used to make new decisions.

Spreadsheets- store…


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