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Ownership types - Coggle Diagram
Ownership types
Partnership
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Disadvantages : split profit , shard liability , loss of autonomy ,potential conflict between business partners/you colleagues , exit strategy complications , lack of stability
Advantages : work/projects get done easily/more efficient , teamwork , cost savings , additional capital , more business oppportunites
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Soletrader
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The liability of a soletrader is unlimited (meaning that the owner is responisble for any financial loss , even in some cases having to give personal belongings to pay up the debt)
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Main disadvantages : - unlimited liability -potential credibility issues -sole responsibility - fewer tax planning opportunities -barriers to finance -sale limitations
Advantages: -you keep all profit -easy set up -low regristation and start-up costs -lower accounting fees -less paperwork
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The business objectives could be to keep all the profit they make for themselves, increasing income and profit to allow the owner to make a living from their investment
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