Business ownership structure

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Sole traders-
Plumbers, hairdressers, newsagents
Advantages: easiest to set up
Get to be your own boss
You decide what to do with the profit
Disadvantages: Long hours
Unlimited liability (personally liable for the debts)
Partnerships-
Accountancy, solicitors, doctors
Partners have an equal say in business decisions and profits, unless it says different in a 'deed of partnership'

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