Flashcards
Untitled
Cards in this deck (14)
- 1What is a sole trader?A sole trader describes any business that is owned and controlled by one person
- 2where can capital come from?loans
friends and family
personal savings
crowd funding
small business grants
business angels - 3What are savings?money invested in the business by an owner
- 4advantages from savingsnot having to repay
not having to pay interest - 5disadvantages from savingsthe amount is limited to how much the owner is willing or able to invest
- 6How can friends and family help?If friends and family have funds available, they may be willing to invest
- 7advantages from family & friendsLikely to be cheaper
may encourage them to take an active interest - 8disadvantages from family and friendsIt could put strain on family/friends relationships
- 9advantages of a sole traderEasy to set up
Small capital investment means reduced start-up costs
Freedom to make decisions - 10disadvantages of a sole traderResponsibility
Long hours
Unlimited liability - 11What is a partnership?Partnerships are businesses owned by two or more people.
- 12advantages of a partnershipthere is someone to consult on business decisions.
- 13disadvantage of a partnershipunlimited liability
may lead to arguments
disagreements - 14What is a Franchise?
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- Flashcards on Untitled, created by Ashar Shah on 04/07/2019.
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- Ashar Shah
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