Ownership 0.0 / 5 ? Applied BusinessOwnershipASOCR Created by: Georgia LouCreated on: 22-04-14 15:08 Sole Trader A firm os owned by one individual || i.e. small shops 1 of 13 Sole Trader Advantages Easy to set up || keep all the profits || flexible || make final decisions 2 of 13 Sole Trader Disadvantages Limited access to capital loans || potentially long hours || soul responsibility for any issues 3 of 13 Partnership Owned by 2 - 20 people || Contract agreed by all || i.e. Architects, surveyors 4 of 13 Partnership Advantages Greater access to capital || Shared responsibilty || Easy to set up 5 of 13 Partnership Disadvantages Potenital Conflict || everyone is responsible for an individuals mistake || one dies, the certifictate has to be created 6 of 13 Limited Companies Must register with the registrar of companies || Private Limited || Public Limited 7 of 13 Limited Companies: Private (LTD) Owned by 1-50 shareholders 8 of 13 Limited Companies: Public (PTC) Owned by 2+ shareholders 9 of 13 Limited Companies Issues Share hoolders may be a part of large institutions || can be very large 10 of 13 Co-Operative Ownership is at the hands of the members 11 of 13 Franchise Ownership backed by an established name 12 of 13 What will ownership affect? Tax || National Insurance the firm pays || Ways decisions are made 13 of 13
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