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I am going to do some research into the types of ownership and the advantages and disadvantages to each. Sole trader The advantages of being a sole trader are: * It's easy to set up * Sole traders can make decisions quickly * All the profit can be kept The disadvantages to being a sole trader are: * Sole traders have a unlimited liability which means they can lose their personal possessions to pay off any debts the business might have run up * Sole traders do not have the advantages of economies of scale that a large business has * Small businesses are seen as more of a risk by financial institutions, so it can sometimes be difficult to raise money to help start up a business or exp[and later on Partnership The advantages of being in a partnership are: * It's easy to set up * The capital to start up a partnership is usually small * Partners can contribute a...

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