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Types of ownership Business Definition Advantages Disadvantages Sole Trader One person owns and runs the business. * Decisions are made quicker * Profits do not have to be shared. * Business affairs can be kept as a secret. * Finances can't be easily to raise * Unlimited liability * Illness/holidays can effect the business Partnership A business owned by 2-20 people. * Can be formed easily * Business affairs are private * New skills and ideas can be introduced * Partnership have unlimited liability * Disputes can take place between the partners. * Expansion is difficult. Franchise A business where the new comer buys permission or to copy the business ideas of the established company. * Greater chance of success. * Benefits from using the brand name. * The franchiser provides support. * Have to share the profits to the franchiser. * Expensive to set up. * Will not be able to sell the business Co-operative A business where the workers own the business * Members are able to set their own terms and conditions * Every member is a shareholder and...

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