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Business - Coggle Diagram

- - - - Is susceptible to unlimited liability
      - Harder to raise finance
      - The business is the owner
      - Can pay a higher tax rate than a company
    - - Quick and easy to set up, can be transferred to a limited company after launch
      - Simple to run
      - Minimal paperwork
      - Easy to close/shut down
    - - Salon 16
- - - - Is susceptible to unlimited liability
      - A poor decision from one partner damages the interests of the other partners
      - Harder to raise finance for the company
      - Partners are bound to honour the decisions if others
      - Complicated to sell or own
    - - Simplest way for two or more people to start a business together
      - Business benefits from the expertise and efforts of more than one owner
      - Minimal paperwork once partnership agreements set up
      - Greater potential to raise finance
      - Partners can provide specialist skills
- - - - Greater admin costs
      - Public disclosure of company information
      - Directors' legal duties
    - - Limited liability
      - Easier to raise finance
      - Stable form of structure
    - - Lidl