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Business ownerships (Companies (Decision making, Limited liability, Ease…
Business ownerships
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Sole trader
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Advantages- choose your own hours, keep profits and make own decisions
Disadvantages- unlimited liability, nobody to cover for sickness and holidays and usually long hours.
Partnerships
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Advantages- more money, share ideas, share workload and specialisation
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Disadvantages- conflict, share profits, unlimited liability, no continuity and one partners decisions bring on the rest.
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Limited companies
Private limited- share sold privately, shareholder run and had LTD at the end of name
Public limited- shares sold on stock exchange, director run and has PLC at end of name