Legal OwnerShip

Sole trader
1. Benifits
  1. Easy to Setup
    1. All profits are yours once tax has been payed
    2. Keeping records is simple
  2. No permission is needed when trading under you own name
2. Issues
  1. Illness and holidays determine no income into the business
    1. You need business Skills to run a business on your own
    2. You have to take all responsibility when paying all debts, this is called "Unlimited Liability"
3. Description
  1. The Business is owned by one person with or without employees
    1. Example
      1. Darren's Flooring, courtesy of http://www.yell.com/biz/darrens-flooring-london-7804175/
PartnerShip
1. Description
  1. Drawing up a Partnership agreement stating each person's role and share of profits helps to prevents disputes
2. Benefits
  1. Partners can share skills and ideas

Zusammenfassung der Ressource

	Erstellt von Jordan Stimely vor etwa 9 Jahre