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Sole Trader, Parthership - Coggle Diagram
Sole Trader
Disadvantage
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.
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Hard to do all the work all alone, trying to figure how to solve a problem will be difficult alone.
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.
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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.
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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.
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Parthership
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Disadvantage
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
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Both of the people got to have an insurance and they got to get a business name and name their business.
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Local example
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Economic development authorities,
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Business Types
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Corporations
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Disadvantage
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Everyone has different views on the business, different ideas and different mindsets so its difficult to come up with ideas.
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