Business studies topic B

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what are the advantages of a 'Sole Trader'
keep all profit - personal relationships with staff and customers - own ideas on to business - own decisions- keep affairs priviate ( apart from Taxman)
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What are the disadvantages of a 'Sole trader'
work long hours - Have to work every area of the business - has full responsibility - no help with decisions- may have to use personal items to pay off debt
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What is a Asset
what a business OWNS
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what is a liability
what a business OWES
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what is unlimited liability, and who has it
sole traders, partnerships, and it is where they are fully responsible for the debts, they can't use the assets.
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what is a partnership
a business owned by 2 - 20 people
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what is a deed of partnership
a legal document drawn up to state how a partnership is organised, owned and operated.
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What is included in a deed of partnership
Money to be provided ( capital) - name - control % - profit division - loss % - bankrupt pay off - who does what - salary - death - retires - new partner - holidays
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whats a sleeping partner
an investing partner but they have no say in what happens
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What is limited liability
they can only lost the capital they put in to the buiness, not their personal possessions
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Card 2

Front

What are the disadvantages of a 'Sole trader'

Back

work long hours - Have to work every area of the business - has full responsibility - no help with decisions- may have to use personal items to pay off debt

Card 3

Front

What is a Asset

Back

Preview of the front of card 3

Card 4

Front

what is a liability

Back

Preview of the front of card 4

Card 5

Front

what is unlimited liability, and who has it

Back

Preview of the front of card 5
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