Sole Trader/partnership 32

Kasper Budny
Mind Map by , created about 3 years ago

sole trader revision

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Kasper Budny
Created by Kasper Budny about 3 years ago
Partnership
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Sole Trader/partnership 32
1 Advantages
1.1 Your are the boss of your business
1.1.1 Keep all the profits
1.1.2 Maximum Privacy
1.1.3 Start up cost is low
1.1.3.1 Business easy to set up
1.1.4 Easy to change the legal structure
1.1.5 Full control of the business
2 Disadvantages
2.1 You take all the responsibility of the business
2.1.1 Decisions
2.2 No holidays
2.3 Unlimited liability
2.3.1 Someone can sue them and if they don't have enough money there personal stuff will be sold like house,car etc
2.4 Work for long hours
2.4.1 No time off when ill
3 PartnerShip
3.1 Advantages
3.1.1 Shared responsibility
3.1.1.1 More help with setting up from other person
3.1.1.1.1 Easy to set up and costs are low
3.1.2 Taking Decisions
3.1.3 Easy to change legal structure
3.2 Disadvantages
3.2.1 Make decisions
3.2.1.1 Disagreements
3.2.1.2 Consult your partner
3.2.2 Have to share profits with the other person
3.2.3 Share the liability
3.2.4 They have to agree with the things that are being done.
3.2.5 Can't become a large business
3.2.6 If someone from the business dies or retires the business will end.
3.3 Two or more people setting up a business

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