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