Business Ownership and Planning

Front

Business Ownership Types

Back

Sole traders, partnerships, private limited companies, franchise

Front

Advantages of Sole Traders

Back

Easy to set up, keep all profits, make all decisions

Front

Disadvantages of Sole Traders

Back

Unlimited liability, long hours, few holidays, unincorporated

Front

Advantages of Partnerships

Back

More ideas, can share workload, more start-up capital

Front

Disadvantages of Partnerships

Back

Unlimited liability, unincorporated, possibility of disagreements

Front

Advantages of LTD

Back

Incorporated, limited liability, easier to raise capital

Front

Disadvantages of LTD

Back

More expensive to set up, must publish accounts, profits shared

Front

Advantages of Franchise

Back

Already successful, support with training, easier to obtain finance

Front

Disadvantages of Franchise

Back

Rules about selling, start-up fee, percentage of revenue to franchisor

Front

Factors Affecting Business Location

Back

Nature of business, sector, market needs, labor type and amount