Types of businesses

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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 


  • 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


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