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Setting up and Organising a new business.

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Setting up and Organising a new business A reason you may want to set up your own business is that you are your own boss and it is also a good way of making money. The objectives of my business will be primarily to survive for the first six to twelve months. My longer-term objectives will be profitability and to increase market share. My business idea is to set up a television and audio store in Frodsham, which sells items such as televisions and hi-fi systems, but also offers the service of setting up the equipment for the customer. I would like to set up a music store because there are no shops selling music locally, therefore, a lot of local people would come to my store to save the trouble of going to a larger town or city, such as Chester or Runcorn. ...read more.


Partnerships, on the other hand, have more owners, so there is more likely to be conflict between owners and each partner is legally responsible for what the other partners do. Also, partnerships, like sole traders, are unincorporated and have unlimited liability. The main advantage of a partnership is that there are more owners, therefore more ideas, more people to share the work and more capital can be put into the business. Division of labour is also an advantage in partnerships. The advantages of a limited company are that they are unincorporated and have limited liability. However, they are more expensive to set up and are legally obliged to publish their accounts every year. (The advantages a public limited company has over a private limited company are that they have more capital to help them to expand and diversify. ...read more.


It is cheap and easy to set up, unlike a limited company, which would involve a lot more capital being invested and various legal papers. I decided against a franchise as there would be much less freedom. Possibly the main factor for my decision is the fact that I would not be the only owner, meaning more capital could be invested and I would not bear all responsibility for decision-making. The business that I am going to set up as will be a sole trader. The reasons for this are that I would have total control over the business; I will be able to make all business decisions independently and it will be easier and cheaper to set up than most businesses. ...read more.

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