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Business Ownership - Coggle Diagram
Business Ownership
Sole Traders
An individual owning a business by themselves. The sole trader owns all the business assets personally and is responsible for business debts (unlimited liability).
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Disadvantages
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The business suffers is the owner becomes ill, loses interest etc.
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Partnerships
A business that is started and owned by more than one person. The legal partnership sets out how the partnership is run: how profits are shared, how much invested, decisions etc.
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Public Sector
Businesses and other organisations are owned and run on behalf of the public either by the government itself or by organisations who are funded by and report to Government. Public sector business are not usually run 'for profit' but exist to provide goods and services to the public by using public funds.
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Disadvantages
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A change of government is likely to mean changes in priorities and so changes in funding and spending.
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