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Ownership - Coggle Diagram
Ownership
Sole trader
Charcateristics
owned by one person
employ as many people as they want
Success rate is low
tend to be small
set up because they have an interest
Advantages
Own Boss
Keep all the profits
Do what you enjoy
Disadvantages
Unlimited liability
Long working hours
Responsible for everything
Hard to raise finance
Partnership
Advantages
More finance can be raised for the business
Workload shared
Partners specialise
Characteristics
2-20 partners
A deed of partnership
Professional business
Disadvantages
Unlimited Liability
Arguments
Responsible for partners behaviour
Public Limited Company
Characteristics
Advantages
Finance easily raisesd
Disadvantages
Private Limited Company
Franchise