keep all profit - personal relationships with staff and customers - own ideas on to business - own decisions- keep affairs priviate ( apart from Taxman)
1 of 10
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
2 of 10
What is a Asset
what a business OWNS
3 of 10
what is a liability
what a business OWES
4 of 10
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.
5 of 10
what is a partnership
a business owned by 2 - 20 people
6 of 10
what is a deed of partnership
a legal document drawn up to state how a partnership is organised, owned and operated.
7 of 10
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
8 of 10
whats a sleeping partner
an investing partner but they have no say in what happens
9 of 10
What is limited liability
they can only lost the capital they put in to the buiness, not their personal possessions
10 of 10
Other cards in this set
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
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