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Different types of ownership of business ranging from the simple to the complex. Here I will cover the main types, outlining the advantages and disadvantages of each leading to a decision on which type of ownership is most appropriate for my business.
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| Submitted: Mon Aug 11 2003
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Types of ownership There are many different types of ownership of business ranging from the simple to the complex. Here I will cover the main types, outlining the advantages and disadvantages of each leading to a decision on which type of ownership is most appropriate for my business. Sole Proprietors A sole proprietor, or sole trader, is the name given to someone who runs the business by themselves. This is usually someone who is particularly skilled in one area or had a very good and marketable idea. There are many advantages and disadvantages to setting up a sole proprietorship. Advantages Sole proprietorships often require less capital to start up than the bigger businesses. This is because they are usually smaller and have less staff to start with. This cost is minimal and often only a few hundred pounds. Sole proprietorships are easy to set up, few forms and licenses need to be obtained and the...
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