Sole Trader
Disadvantage
Advantage
Starting up the business doesn't cost much meaning you can start a business easily because it is cheap.
You're your own boss. You do whatever you want and nobody gonna bother you about it because you are the boss.
You got full privacy. Everything you do only you know about it and nobody else does at all.
Got to be really professional or somewhat professional with financial subjects or you gonna have a hard time trying to run a business or figuring everything out.
Nobody to share ideas with because you are trying to build a business all by yourself.
Hard to do all the work all alone, trying to figure how to solve a problem will be difficult alone.
Set up Progress
Get a business license and other permit's because without it, it would be illegal. Create a business bank account. Also insurance is needed.
Choose a good business name that would attract peoples attention. Also register business name.
Purchase a website to let people see more information of the business for example access to social media's and maybe an email or a phone number.
Local example
Freelance writers
Tradespeople
Hairdressing
Parthership
Business Types
Global example
Couriers
Tutors
Food delivery drivers
Advantage
Disadvantage
There is two people working together which is way better than one person working all alone.
Ability to share ideas and get more ideas to make the business fun and good together.
It will be easier to create a business a business with a person and it would cost cheap again
It is really difficult to find a partner that you could get along with and like each others ideas and thoughts.
Liabilities to share profits and assets. They got to share business losses and other responsibility.
Hard to make decisions and some partners don't trust each other enough or don't have enough confidence.
Set up Progress
Try and find a good partner that you get along with and can have good conversations with.
Both of the people got to have an insurance and they got to get a business name and name their business.
Got to sign a partnership agreement to be able to do the business together.
Local example
School district or a non-public school.
Economic development authorities,
Workforce development authorities
Global example
primary multi-stakeholder vehicle
Trade union
Civil society
Corporations
Advantage
Disadvantage
There would be business security so everything is safe and protected.
There is limited liability because it is shared.
There is ownership transfer. So you can freely give someone else the ownership.
Really complicated and confusing to set up and start the business.
Everyone has different views on the business, different ideas and different mindsets so its difficult to come up with ideas.
Lacks even more business confidence since there is more people in the business.
Set up progress
Find people and do interviews with them to get to know them.
Make up a business name with the group you have made or created basically.
Set up directions on what to do and give people work to do.
Local examples
Apple
Amazon