Ownership

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Sole Trader
A firm os owned by one individual || i.e. small shops
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Sole Trader Advantages
Easy to set up || keep all the profits || flexible || make final decisions
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Sole Trader Disadvantages
Limited access to capital loans || potentially long hours || soul responsibility for any issues
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Partnership
Owned by 2 - 20 people || Contract agreed by all || i.e. Architects, surveyors
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Partnership Advantages
Greater access to capital || Shared responsibilty || Easy to set up
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Partnership Disadvantages
Potenital Conflict || everyone is responsible for an individuals mistake || one dies, the certifictate has to be created
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Limited Companies
Must register with the registrar of companies || Private Limited || Public Limited
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Limited Companies: Private (LTD)
Owned by 1-50 shareholders
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Limited Companies: Public (PTC)
Owned by 2+ shareholders
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Limited Companies Issues
Share hoolders may be a part of large institutions || can be very large
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Co-Operative
Ownership is at the hands of the members
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Franchise
Ownership backed by an established name
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What will ownership affect?
Tax || National Insurance the firm pays || Ways decisions are made
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Other cards in this set

Card 2

Front

Easy to set up || keep all the profits || flexible || make final decisions

Back

Sole Trader Advantages

Card 3

Front

Limited access to capital loans || potentially long hours || soul responsibility for any issues

Back

Preview of the back of card 3

Card 4

Front

Owned by 2 - 20 people || Contract agreed by all || i.e. Architects, surveyors

Back

Preview of the back of card 4

Card 5

Front

Greater access to capital || Shared responsibilty || Easy to set up

Back

Preview of the back of card 5
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