1541370
Description
Mind Map by Darcie Rose Edmunds, updated more than 1 year ago
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Created by Darcie Rose Edmunds
over 10 years ago
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Legal Entity
- Sole Trader
- 1 Owner
- Advantages
- Few Legal Requirements
- Easy To Set Up
- Control over Management and direction
- Few Legal Requirements
- Disadvantage
- Unlimited Liability
- Limited Time Off
- Harder To Get Loans
- Unlimited Liability
- 1 Owner
- Registered Company
- 1+ Owners
- Advantages
- There is more credibility in the marketplace
- It's easier to attract funds and
investment to increase finance
- Limited Liability
- There is more credibility in the marketplace
- Disadvantages
- Limited liability advantages are often weakened by the
need to provide to provide personal guarantees to
lenders or creditors.
- Directors need to
clearly understand their
responsibilities
- Lots Of Legal Requirements
- Limited liability advantages are often weakened by the
need to provide to provide personal guarantees to
lenders or creditors.
- 1+ Owners
- Partnership
- Advantages
- No need to register
- A better way of sharing expenses
- No need to register
- 2 - 25 Owners
- Disadvantages
- May be liable for other partners debts
- Possible conflicts or
complications (e.g. A partner
may wish to wish the
partnership
- Unlimited Liability
- May be liable for other partners debts
- Advantages
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