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Unit 2-How Business Develop Ownership There are several different types of business ownership; the owners have different responsibilities and involvement in a business. One aspect of this is who bears the business risk and whether the owners have limited liability. Different types of ownership are: * Sole trader * Partnership * Company * Public ownership * Co-operative * Franchise. Introduction Normally when a business starts, the business is small. This is because the person who starts it hasn't got a lot of finance. A person who starts alone in the business world is called a sole trader. If there are two or more persons involved, e.g. family or friends, then it is called a partnership. These two types of businesses are unlimited liability, because it's not the business that is liable but the owner. This means that, if the business goes bankrupt, the owner's personal assets can be taken away. Sole Trader: Tourist shop Franchise: Safeway Plc Safeway Plc Safeway is one of the...

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