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TO: Mrs. Cowern FROM: James Cadman 10NT DATE: 17th September 2004 TERMS OF REFERENCE: This report is about the advantages and disadvantages of different types of business ownerships. I am going to write about the advantages and disadvantages of different business ownerships including: * Sole Trader * Partnership * Franchise I will include the definitions of some of the business ownerships. SOLE TRADER Sole trader, as the name suggests, is where an individual is the sole owner of a business. The business is often quite small in terms of size (as measured, for example, by sales generated, or number of staff employed) however the number of these businesses is very large indeed. Examples of these businesses can be found in most industrial sectors but particularly in most service sectors. Hence services such as electrical repair, picture framing, photography, diving instruction, retail shops, and hotels have a large proportion of sole trade business Advantages * A sole trade business is easy to set up. No formal procedures are...

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