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Business Studies Ownership There are two types of ownership which a small business can be, sole trader or partnership. Sole Trader A business which is run by a sole trader is controlled by one person only. The main advantages of this are that the business is extremely to set up once you have thought of the idea. You can work the hours you wish, you make all the decisions as you are your own boss. Also you decide what happens to any profit. With the advantages come along the disadvantages for example you have to work long as you have no help. You have unlimited liability which means if the business becomes bankrupt you risk losing more than you invested in the business e.g. your house. You will have fewer ideas as there is only one person and also sole traders are unincorporated. It will be difficult to raise capital on your own,...

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