I am going to do some research into the types of ownership and the advantages and disadvantages to each.
Sole trader
The advantages of being a sole trader are:
* It's easy to set up
* Sole traders can make decisions quickly
* All the profit can be kept
The disadvantages to being a sole trader are:
* Sole traders have a unlimited liability which means they can lose their personal possessions to pay off any debts the business might have run up
* Sole traders do not have the advantages of economies of scale that a large business has
* Small businesses are seen as more of a risk by financial institutions, so it can sometimes be difficult to raise money to help start up a business or exp[and later on
Partnership
The advantages of being in a partnership are:
Sole trader
The advantages of being a sole trader are:
* It's easy to set up
* Sole traders can make decisions quickly
* All the profit can be kept
The disadvantages to being a sole trader are:
* Sole traders have a unlimited liability which means they can lose their personal possessions to pay off any debts the business might have run up
* Sole traders do not have the advantages of economies of scale that a large business has
* Small businesses are seen as more of a risk by financial institutions, so it can sometimes be difficult to raise money to help start up a business or exp[and later on
Partnership
The advantages of being in a partnership are: