sole traders and partnerships (1.2.1) 0.0 / 5 ? Business Studiessole traders and partnerships (1.2.1)ASAQA Created by: lee42Created on: 03-06-19 14:23 what is a soletrader? A sole trader is a single person who is the exclusive owner of a business 1 of 6 what are the advantages of a soletrader? easiest to set up, their own boss, full control over profit, easy to change legal structure 2 of 6 what are the disadvantages of a soletrader? unlimited liability, hard to raise finance, all the responsbility is yours and harder to retain good employees 3 of 6 what is a partnership? Partnerships are businesses that are owned by 2 or more partners. 4 of 6 what are the advantages of a partnership? more people means more experience, easier to raise finance, easy to retain best employees 5 of 6 what are the disadvantages of a partnership? profit is shared, unlimited liability, partners may not agree with your decision and each partner are liable for his actions 6 of 6
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