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Page 2

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Candidates should be aware of the benefits
and drawbacks of legal structures and
understand plc's as a means of comparison.…read more

Page 3

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Be able to define and explain the differences
between all 5 different legal structures.
Be able to discuss the advantages and
drawbacks of all 5 different types of legal
Be able to explain reasons for choices of legal
structures in different situations.…read more

Page 4

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those a business owes money to
(e.g. banks and suppliers).…read more

Page 5

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Owned Sources of Advantages Disadvantages
by: Liability:
A ltd
Co.…read more

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A sole owner/trader
owns and runs
their own business.
E.g. corner shop.…read more

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Funded through
personal finance or
borrowing from lenders,
e.g. bank.…read more

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Can begin with small investment ­ no or little
borrowing, keep all profit full control, can
make their own decisions, own timing, no
formal rules, solely responsible for success.
Limited capital, no help or support, solely
responsible for failure, has to rely on
own knowledge, skills and experience.…read more

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A partnership exists when two or
more people (up to 20) start a
business without forming a
Usually used by professionals
in medicine or law.…read more

Page 10

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Funded through
personal finance from partners
and borrowing from lenders,
e.g. banks.…read more


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