Business

>Normally relatively small businesses

>work on their own

>Requires wide range of skills & enormous degree of flexibility

>Requires high level of self discipline-> no-one checking up/ guiding

>Considerable emphasis on self-motivation

>Effective time-management

>Easy to start up & manage -> not neccessary to register w a gov agency

>freedom-> not taking orders

>Quick decision making-> no consulting w busses

>V motivating to be own boss

>Pressure of all responsibility on you

>Can be lonely-> difficult to cope w pressure

>Long hours-> esp in beginning

>Not much time for holidays-> unable to afford to close business & risk loosing custom

>Can face difficulties in raising finance to set up & expand

>Risky-> Unlimited liability (personally responsible for losses)

>High interest rates fom banks-> worried about failure risk of smaller businesses & want to cover their losses

LTD

>Smaller than plcs

>rel cheap to set up

>restrictions cannot be placed on sale of these shares

>owned by shareholders

>owners can place restrictions on who shares are sold to in the future

>shareholders have to sell shares privately-> canot advertise

PLC

>Larger than ltd's

>owned by shareholders

>benefit from limited liability

>risk of a takeover

>shares can be advertised in media, low cost -> able to raise rel, large sums

>Access to Capital: able to sell shares freely -> raise large sums of capital -> so not committed to fixed interest payments in case of loans