Mr J Bhardwa Flashcards
1
Q
What is a sole trader
A
A business that is individually owned
2
Q
Advantages of being a sole trader business
A
All decisions are made by yourself
More flexible
All profits go to you
3
Q
Disadvantages of being a sole trader
A
High workload
Sick = no money into business
Unlimited liability
Longer working hours
4
Q
Types of sole trader business
A
Electricians, Plumbers, smaller businesses etc
5
Q
What’s a partnership
A
The relationship between 2 - 20 people to do trade or business
6
Q
Advantages of Partnerships
A
- More money is invested into the business
- More contributing ideas to the business
7
Q
Disadvantages of private limited companies
A
Shared liability
Potential conflict between business partners
