Sole Trader: Easy to set-up, One owner, Owner makes all the decisions, Owner keeps all the profits, Owner has unlimited liability, Problem if owner falls ill, Partnerships: 2- 20 people, Workload can be shared between owners., Different owners can specialise in different areas., All owners have unlimited liability., Owners may argue, Profits are shared between owners, Partners may leave, Private Limited Company: Finance can be raised from shareholders and lenders, Limited Liability, Profits shared amongst more people, Shares cannot be sold to the general public., Must abide by the Companies Act, Public Sector: Funded by Tax, Controlled by Government, Provide services to the benefit of society, subject to political influence., Charities: Set-up to raise awareness or tackle an issue, Funded by donations, non profit, May rely on volunteers.,
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Mrhattie
NAT 5
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