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What is Business - Coggle Diagram

- - - - Shared Expertise
      - Shared Responsbility
      - Easier to raise capital than a sole trader
    - - Unlimited liability
      - Potential for conflict
        
        Slower decision-making
  - - - Owner has complete control over decision-making
      - Quick and easy to set up
      - Owner keeps all profits
    - - Harder to raise finance
      - Unlimited liability
      - Most of the time higher tax rate than limited companies
  - - - Limited liability
      - Better access to capital
      - Corporation Tax
        
        Always at 19% for small rate and 25% for main rate
    - - Dividends
      - Expensive to set up
        
        Minimum cost of £50,000
      - Risk of taleover
  - - - Limited liability
      - Corporation Tax
        
        Same as plc
      - No risk of takeover
    - - Shares can only be traded privately
        
        Share capital is very limited
      - Taxed from the first profits
        
        Unlike sole traders who get £12,500 untaxed profit