Business

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Whats a sole trader?
a business that is own by one person
1 of 10
name one advantage of a sole trader
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)
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What is a private Limited company (Ltd)?
when a company owned by shareholders by run by managers
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What is a public limited company (Plc)?
a companys owned by shareholders run by managers
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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
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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

Card 3

Front

name of disadvantage of a sole trader

Back

Preview of the front of card 3

Card 4

Front

Whats is a partnership?

Back

Preview of the front of card 4

Card 5

Front

name one advantage of a partnership

Back

Preview of the front of card 5
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