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Private sector - Coggle Diagram
Private sector
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Sole Traders
Definition - A sole trader is a business owned and run by one person. The owner has full control, keeps all profits, but has unlimited liability.
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Partnership
Definition - A partnership is a business owned by 2–20 people who share profits, control, and responsibility.
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Franchise
Definition - A franchise is when a business (franchisee) pays another business (franchisor) to use its name, brand, and business model.
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Joint Ventures
Definition - A joint venture is when two or more businesses agree to work together on a specific project and share resources, risks, and profits.
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