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business work - Coggle Diagram
business work
sole traders
description - a sole trader is an individual the business on his/her own and a sole trader can employ people. Also, a sole trader owns all the business assets personally and is personally responsible for the business debts.
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disadvantages
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the business is the owner (so the business suffers if the owner is ill, loses interest etc)
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examples of sole trader: individuals who provide a specialist service like plumbers, hairdressers, photographers etc.
partnerships
description - a partnership is where a business is started and owned by more than one person. There is a partnership agreement that sets out how the partnership is going to be run, including how profits are to be shared, how decisions are taken, what the partners have to invest in the business etc.
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examples of a partnership: doctors, dentists
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public sector
description - the public sector refers to anything that is produced, sold or provided by organisations owned and run by the government. Money from public finances raised in taxes is used to run these businesses.
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disadvantages
as there's no profit motive, there's often a lack of innovation
a change of government is likely to mean changes in priorities and so changes in funding and spending
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