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Types of business ownerships with advantages and disadvatages
Member rating: No Rating | Words: | Submitted: Fri Oct 01 2004
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Types of ownerships with advantages and disadvatages There are a variety of options that you could use in setting up in business, each of which has advantages and disadvantages. It is important that you determine which business type is most suitable for you bearing in mind the number of people involved and the objectives of the business. The main types of business are: * Unlimited Companies * Limited company * Partnership * Sole Trader Sole Trader: Sole trading is when a single person owns the business, which is very a familiar type of business in the United Kingdom. Sole trading is used mainly by 'one man bands' although you are able to employ others in your company. A sole trader usually has no formal or legal processes to set up the business. The Inland Revenue and Social Security authorities must be notified when you set up. It is advisable to set up...
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