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business ownership.

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Introduction

Sole Trader. A sole trader is any business that is owned and controlled by one person, although they may employ staff. This could be Hairdressers, for example. People, who provide a special service like hairdressers, plumbers or photographers, are also sole traders. Sole traders do not have a separate legal existence. As a result, the owners are personally liable for the firm's debts, and may have to pay them out of their own money. This is called unlimited liability. An example of a sole trader is a corner shop; the corner shop I have chosen is 'Shaheen Newsagents', this is a shop in Latchford that sells magazines, newspapers, sweets, crisps, cigarettes and drinks. The owner of this newsagent is called Faz Shaheen; he also owns several other shops such as 'Bridge Lane Shops', 'Cobbs News' etc. Being a sole trader Faz cannot go to all of the shops so he has co-workers working for him and running his shops. It is a small shop and it is local business in the local area.\. ...read more.

Middle

The partners may have a partnership, agreement or 'declaration of partnership' and in some agreements that may be registered and available for the public. In many countries a partnership is seen as a legal entity. An example of a partnership would be a solicitors, this solicitors that I have chosen is Warrington Community Law Centre. Owning a partnership is better if you have a small business, as most businesses go bankrupt and put the owner in debt, but because there is more than one owner the debt is shared between all of them, as is the profit. Advantages * Share Resources/ideas. * Can cover for each other e.g. during holidays. * More sources of finance than a sold trader has. * Can be motivating. (Self actualisation.) Disadvantages * Usually unlimited liability (can loose car house ,etc) * Limited sources of finance. (people wont give you loans as easy because it is a risky business. * Profits shared between partners. (don't get as much profit) * Slower decision making than that of a sole trader. ...read more.

Conclusion

Companies with a range of community interests find that it is an ideal vehicle for fulfilling their charitable wishes. In these cases, charitable business funds are typically less costly and easier to administer than other forms of giving such a private foundation. An example of a charitable business would be a charity; the charity I have chosen is St Rocco's I have chosen this because there are many across the world, this charity sells clothes, toys, books, DVDs, videos, badges and hats, they use some of the money that is fundraised for the charity to pay for the rent of the business. Advantages * Feel good about them-selves. * Changes the world. * Helps people. * Working for a good cause. Disadvantages * You don't get any money. * You don't always get funds it depends if someone chooses your charity or not. * People might not give you stuff to sell so you won't make any money apart from the donations. * Lots of marketing needed. A charitable business has to be a registered charity before it can set up. By Jason Lawley ?? ?? ?? ?? ...read more.

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