DELETED

Sole traders-1 owner (corner shop,café,takeaways)

Benefits: Easy to set up and give personal service -Owner independent so can make quick decisions -Not much paperwork   - Knows customers so can help avoid debts

Drawbacks: -Unlimited liability  -Could lose house, car -Long hours no cover for holidays/sickness -Capital(money)may come from savings -Need business skills and business ends at death.

Partnerships- 2 to 20 partners (vets,restauants,accountants)

Benefits: Easier to raise Capital -Problems/ideas can be discussed   -Greater range of skills -Cover for holidays/sickness -Death of partner means share needs repaying

Drawbacks: Unlimited liability so could lose money -May be disagreements -Decisions/actions are legally binding on all customers

Private limited companies LTD(Akbar’s,)

Benefits: Limited liabilityso only lose money invested into business not debts -Minimum of 1 director and 1 shareholder -Easy to set up affairs still private -Easier to raise money/borrow from bank -Share transfers need agreement of all -Death of shareholder has no effect on company

Drawbacks: -Cannot sell shares to public -More regulations…