- Created by: Aleena_xoxo
- Created on: 31-10-18 22:01
Types of Owners
There are 4 different types of owners in business:
- Sole Traders
- Private Limited Company
- Public Limited Company
These different types lead to different outcomes in your business, including profit and size of the business.
A sole trader is a business that only has one owner. Other people can be employed but there will always be ONE owner of the business. No more than one. There are many advantages and disadvantages to this. Here are some.
- Profit doesn't need to be shared between other owners as there is only one, sole owner.
- The owner would have more control over the business and what it becomes.
- There would be faster-decision making.
- It would be easier to set up as there aren't as much legal requirements.
- The financial information will be kept private.
- If the owner was ill or to take a holiday, the business would have to close for that time period.
- If the owner was to die, the business would cease to…