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Business Ownership - Coggle Diagram
Business Ownership
Sole Proprietorship
Advantages
Easy to Set up
No formal requirements
Close Contracts and Trade in own name
All profits to owner
No Restrictions on Capital
Most Freedom
Government Regulation
Control is NOT shared
Low/Minimal Overheads
Great adaptability to change
Disadvantages
Lack of continuity
Difficult to raise funds
Performance of business is owner dependent
Definition
Individual owners of a small business
Single Owner
No more than 1