Sole Trader Advantages : The owner is hands-on to provide a personal service.​, Owners get to keep all their profits.​, Easy to set up because you do not need to complete lots of legal paperwork.​, Can make all the decisions.​, Can decide which hours to work and when to take holidays.​, Sole Trader Disadvantages : No-one to consult or share ideas with.​, Difficult to take time off for holidays or if off sick.​, It can be hard to raise the amount of capital needed to start up a business. For example, a bank might not be willing to give you a loan as you are seen as a risky option.​, Unlimited Liability. If the business fails, the owner is personally responsible for all debts. They may lose their personal possessions in order to pay back the business debts.​, Partnership Advantages : Every partner can offer different skills and areas of expertise​, Workload and decision making can be shared amongst the partners.​​, It can be easier to raise finance.​​, The business can become larger than if it was still a sole trader.​​, You can keep accounts and financial affairs private, Partnership Disadvantages : Partners have unlimited liability*​​, Profit has to be split between all partners.​​, Arguments might happen between partners which will mean decisions are sometimes not made quickly.​​, A partnership agreement has to be drawn up which can be a time-consuming process.,

Advantages and Disadvantages of a Sole Trader/Partnership

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