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Business Work - Coggle Diagram
Business Work
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Definitions
Partnerships - agreement between 2 or more people ( up to 20 ) for the running of a business to share in the profits and to share the risk.
Private Limited Company-A generally smaller company (LTD) offers limited liability to shareholders. Shareholders are often close friends or family to ensure security.
Soletraders-A business that is both owned and controlled by one person. A soletrader is the singular owner and is fully responsible for any mistakes and decisions
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How to set up
You set up a partnership by how many profits and losses are to be shared. How much money each partner are expected to put in the business. how much money and what share of the profit each partner may take out of the business. The working arrangement for the partnership. Arrangements for removing or adding a partner to a business
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