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ownership 1

sole traders, partnerships

QuestionAnswer
what is a sole trader? a business owned and run by one person
what are a few examples of a sole trader? plumbers, hairdressers, newsagents, fishmongers
what are some advantages of sole traders? easy to set up
you're your own boss
you get all of the profit
no conflict in decisions
what are some disadvantages of sole traders? long hours
unlimited liability - have to sell everything you own to pay your debts
can't take holidays
unincorporated - business is not legally separate from its owner. owner is completely responsible for the business.
what is a partnership? a business owned by between 2-20 partners
what must partners do to set up a partnership? sign a deed of partnership. this decides whether partners have an equal say in making decisions, an equal share of profit
what are a few examples of a partnership? accountancy, doctors, solicitors
what are some advantages of partnerships? more ideas
more people to share the work
more capital can be raised to put into the business
can take holidays
what are some disadvantages of partnerships? each partner is legally responsible for what the other partners do
unincorporated
unlimited liability
more disagreements
Created by: jirwin
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