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Business ownerships can set up with different types, for example: Sole traders, Partnerships, Franchises, PLCs and Ltds.
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Business Ownerships Business ownerships can set up with different types, for example: Sole traders, Partnerships, Franchises, PLCs and Ltds. Sole traders A sole trader is a business that is owned and controlled by one person. The advantages of Sole traders are the wage bill will usually be low, because there a few or no employees. It is easier to keep overall control, because the owner has a hands-on approach to running the business and can make decisions without consulting anyone else. Generally, only a small amount of capital needs to be invested, which reduces the initial start-up cost. A sole trader is easier to run the business than other types of businesses. And a sole reader can set up in business immediately. The disadvantages of being a sole trader are illness, long hours and difficulty of raising capital. Illness means if I had a long illness, I might be forced...
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