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An association between 2- 20 people operating a business with the common goal of making a profit. What am I?
Partnership
self-employed person who owns and runs their own business as an individual. What am I?
Sole Trader
Easy to set up 2. Financed by the owner 3. Bears all risks and keeps all profits. These are characteristics of what form of business?
Sole Trader
Give one disadvantage of a partnership?
Personalities of partners may cause difficulties in decision making. 2. Some difficulty in raising capital.
There are two types of Partnership. This them
Ordinary Partner and Limited Partner
List two advantages of a partnership
Shared workload, Relatively easy to set up
Give two disadvantages of partnership
Personalities of partners may cause difficulties in decision making. 2. Some difficulty in raising capital.
Bonus Question: Give the difference between a sole Trader and Partnership
Sole Trader Is one that runs and own his/her own business and Partnership consist of 2 or more people
