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Ownership, 2-20 partners can own the business - Coggle Diagram
Ownership
Sole trader
Advantages
You are your own boss
Get to keep all of the profit for yourself
You get to do something which you enjoy with passion
Easy to setup
Disadvantages
Unlimited liability
Long working hours
Have to take care of your businesses accounts
Banks tend to not lend money to small businesses
Characteristics
One person owns the business
Can employ as many people as youwant
Success rate rate is low
Tend to be small
Partnership
Advantages
Disadvantages
Characterics
Private Limited Company
Characteristics
Owned by shareholders who are friends+family
Tend to be medium sized businesses
Directors run the business and tend to be be shareholders
The business with end in Ltd
Advantages
Disadvantages
Accounts must be readily available to be seen by the public
Both the required documents needed time to be produced
Restricted who can buy into the business so could be difficult to raise finance
2-20 partners can own the business