-Controlled by one person.
-Small and easy to set up.
-Only small amount of capital needs to be invested.
-Wage bill is low, as there are no/a small amount of employees.
-Easy to keep overall control.
-Only person responsible for business.
-long hours and not many holidays.
-Development and expansion is difficult - only small amount of capital.
-Owned by 2 or more people.
-Less time pressure.
-There is someone to consult over business decisions.
-Arguements and disputes can occur.
-Distribution of profit can cause problems.
LTD (Public Limited Company)
-Doesn't sell shares onto the stock market.
-Easy and inexpensive to set up.
-Ownership and control are closely connected.
Small and less bureaucratic than PLCs, eg decisions can be taken more quickly.
-Lack of capital - no shares/investment in business.
-No benifits from economies of scale eg. bulk buying, cheaper borrowing.
PLC (Private Limited Company)
-Sells shares onto stock market.