6916353
Description
Mind Map by Kasper Budny, updated more than 1 year ago
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Created by Kasper Budny
about 8 years ago
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Sole Trader/partnership 32
- Advantages
- Your are the boss
of your business
- Keep all the profits
- Maximum Privacy
- Start up cost is low
- Business easy to set up
- Business easy to set up
- Easy to change
the legal
structure
- Full control of the business
- Keep all the profits
- Your are the boss
of your business
- Disadvantages
- You take all the
responsibility of the
business
- Decisions
- Decisions
- No holidays
- Unlimited liability
- Someone can sue them
and if they don't have
enough money there
personal stuff will be sold
like house,car etc
- Someone can sue them
and if they don't have
enough money there
personal stuff will be sold
like house,car etc
- Work for long hours
- No time off when ill
- No time off when ill
- You take all the
responsibility of the
business
- PartnerShip
- Advantages
- Shared responsibility
- More help with setting up
from other person
- Easy to set up and costs are low
- Easy to set up and costs are low
- More help with setting up
from other person
- Taking Decisions
- Easy to change legal structure
- Shared responsibility
- Disadvantages
- Make
decisions
- Disagreements
- Consult your partner
- Disagreements
- Have to share profits with
the other person
- Share the liability
- They have to agree
with the things that
are being done.
- Can't become a large business
- If someone from the business
dies or retires the business will
end.
- Make
decisions
- Two or more people setting
up a business
- Advantages
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