business studies Definitions of business organisations 2.0 / 5 based on 1 rating ? Business StudiesGCSEAll boards Created by: aiyeshaCreated on: 09-04-08 17:31 sole trader unlimited liability only one owner take all the profits have to bear all losses do not have a range of skills in the business have to make all the decisions by themselves sole trader's accounts are kept private they do not get any holidays 1 of 4 partnerships unlimited liability can have between 2 and 20 partners partners can have arguments can share skills and decisions accounts for these businesses are also kept private can have a 'sleeping partner' who justs invets in the business but does not make any decisions may have a deed of partnership OR profits are split 50:50 2 of 4 private limited company (ltd) limited liability only need £2 capital to start up 3 of 4 public limited company (plc) limited laibility can get finance from selling stock on the stock market need £50,000 to set up expensive and time consuming to set up 4 of 4
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