Types of businesses

TYPES OF BUSINESSES

Public sector - more about helping members of the public/community and its owned by the government.

Private sector -  owned by a member of public and makes a profit.

Sole Trader : The most common form of a business organisation, often just one person.

Example - it might be a plumber who works by himself, but he can still employ people.

Unlimited Liability 

Advantages:

• Easy and quick to set up
• Inexpensive to set up
• Profit kept by owner
• Owner has complete control over the business

Disadvantages:

• Reliant on health and well being of the owner
• Decisions all being made by owner who might not have specific expertise

Partnership : Two or more people (max 20) share risks, costs and responsibilities. The partners take a share in the profit and decision…