2541933
Description
Mind Map by Jordan Stimely, updated more than 1 year ago
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Created by Jordan Stimely
about 9 years ago
|
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Legal OwnerShip
- Sole trader
- Benifits
- Easy to Setup
- All profits are
yours once tax
has been
payed
- Keeping records
is simple
- All profits are
yours once tax
has been
payed
- No permission is
needed when
trading under you
own name
- Easy to Setup
- Issues
- Illness and
holidays determine
no income into the
business
- You need
business Skills
to run a
business on
your own
- You have to take
all responsibility
when paying all
debts, this is
called "Unlimited
Liability"
- You need
business Skills
to run a
business on
your own
- Illness and
holidays determine
no income into the
business
- Description
- The
Business is
owned by
one person
with or
without
employees
- Example
- Darren's Flooring, courtesy of
http://www.yell.com/biz/darrens-flooring-london-7804175/
- Darren's Flooring, courtesy of
http://www.yell.com/biz/darrens-flooring-london-7804175/
- Example
- The
Business is
owned by
one person
with or
without
employees
- Benifits
- PartnerShip
- Description
- Drawing up a
Partnership agreement
stating each person's role
and share of profits
helps to prevents
disputes
- Drawing up a
Partnership agreement
stating each person's role
and share of profits
helps to prevents
disputes
- Benefits
- Partners can share skills and ideas
- Partners can share skills and ideas
- Description
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