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Business Ownership - Coggle Diagram
Business Ownership
Sole Traders
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Advantages: Quick + easy to set up, simple to run
Disadvantages: Unlimited liability, Hard to raise finance, High tax
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Public Sector
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Advantages:
-Serves the public with goods and services
Disadvantages: - Slower innovation
- Potential for political interference.
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Partnerships
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Advantages: Simple to set up + run, More ideas + experience from partners, easier to raise finance.
Disadvantages: Unlimited liability, More likely to be disagreements, profit must be shared.
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PLCs
Description: Businesses that are run for profit to earn returns for the business owners (e.g.shareholders)
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Disadvantages:
- Shareholders expect
dividend payments each year
- The founders will loose ownership and control
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