3450065
Description
Mind Map by Josh Anderson, updated more than 1 year ago
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Created by Josh Anderson
over 8 years ago
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Business Studies - AQA - GCSE - Types of Ownership
- Sole Trader
- Advantages
- Boss of yourself
- Easy to make decisions quickly
- Easy to set up
- Keep all money made (profits)
- Make your own decisions
- Boss of yourself
- Disadvantages
- Unlimited Liability
- May lack finance
- Heavy Workload
- May not have skills
- Difficult to have a holiday
- Unlimited Liability
- Advantages
- Partnership
- Disadvantages
- Possible arguments with partners
- Unlimited Liability
- Liable for being held responsible for the actions of partners.
- Possible arguments with partners
- Advantages
- Shared Workload
- Many sources of finance available
- Range of skills
- Shared Workload
- Disadvantages
- Private Limited Company
- Disadvantages
- Registration at companies house
- Have to release information about sales/profits
- Accounts must be independently checked
- If there are multiple investors, the original founder is not in full control
- Registration at companies house
- Advantages
- Limited Liability
- Better status in eyes of customers
- Continues after death of founder
- Can have investors
- Limited Liability
- Disadvantages
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