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Business Ownership Types - Coggle Diagram
Business Ownership Types
→ Sole Trader
→ Owned and run by one person
→ May employ staff
→ Unincorporated business
→ Owner has unlimited liability
→ Unincorporated Business
→ No separate legal identity from owner
→ Owner(s) have full liability for all debts
→ Unlimited Liability
→ Owners/shareholders responsible for all business debts
→ May lose both investment and personal assets
→ Partnership
→ Owned by two or more people (partners)
→ Unincorporated business
→ Partners share unlimited liability
→ Limited Company
→ Incorporated business
→ Separate legal identity from owners
→ Owners have limited liability
→ Limited Liability
→ Owners only lose the money they invested
→ Personal assets are protected
→ Co-operative
→ Owned and managed by members
→ Members use its services or work there
→ Focus on shared benefit rather than profit
→ Franchise
→ Franchisee buys the right to use franchisor’s brand and products
→ Operates under the existing company’s system