sole traders and pertnerships Flashcards
1
Q
sole traders advantages
A
easy to set up so good for smaller businesses
own boss
decide what happens to any profit
2
Q
sole traders disadvantages
A
long hours and not get many holidays
unlimited liability
unincorporated - business does not have its own legal identity
3
Q
partnerships advantages
A
more ideas - greater range of skills and expertise
share work
more capital put into business
4
Q
partnerships disadvantages
A
disputes
shared profit
unlimited liability
5
Q
what is the agreement document called for a partnership
A
deed of partnership
