adv -owner keeps all profits, -owners makes all decisions, -accounts are kept private
2 of 10
name of disadvantage of a sole trader
disadv -unlimited liability, -costs are high, - owner works long hours, -ill health could close business
3 of 10
Whats is a partnership?
a business with 2-20 owners
4 of 10
name one advantage of a partnership
adv -responsibility is shared, -shared decisions, - possibly more money, -easy to set up
5 of 10
name one disadvantage of a partnership
disadv -unlimited liability, -possible arguments, - issues if partners leaves
6 of 10
What is a franchise?
using an established business name (buying into an established business e.g. Mcdonalds)
7 of 10
What is a private Limited company (Ltd)?
when a company owned by shareholders by run by managers
8 of 10
What is a public limited company (Plc)?
a companys owned by shareholders run by managers
9 of 10
names 2 differences between a plc and ltd
plc acounts arnt private(which means competetitors can see) whereas ltd acounts are private - plc family and friends can buy shares wheras an ltd any one in the pulic can buy shares
10 of 10
Other cards in this set
Card 2
Front
name one advantage of a sole trader
Back
adv -owner keeps all profits, -owners makes all decisions, -accounts are kept private
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