Business Ownership Creating A Business Part 3 Flashcards Preview

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Flashcards in Business Ownership Creating A Business Part 3 Deck (3)
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1
Q

What is a sole trader?

A

A sole trader is a business which is fully owned by one person who has complete control over how the firm is run.

2
Q

Name 4 advantages of being a sole trader.

A

Low start up costs, all profits are kept, better control and financial privacy.

3
Q

What are the advantages of a partnership?

A

Low start up costs, shared workload, specialisation, raising capital, financial privacy, more effective decision making.