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8 Cards in this Set
- Front
- Back
Advantages of a Sole Trader |
Simple set up and during operation. |
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Disadvantages of a Sole Trader
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Unlimited liability which means all your personal assets are at risk if things go wrong. |
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Advantages of a Partnership
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Simple and inexpensive to set up. |
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Disadvantages of a Partnership
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Potential for disputes over profit sharing, administrative control and business direction. |
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Advantages of a Private Company
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Limited liability for shareholders/owners. |
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Disadvantages of a Private Company |
Significant set-up costs and maintenance costs. |
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Advantages of Non-Profit |
Tax exemptions Donations to organisation are tax exempt for the people making it. Often includes churches, hospitals and schools.
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Disadvantages of Non-Profit |
Must disclose a lot of financial information to the public so the money can made accountable. Can't be seen as making a lot of money Higher regualtions for tax purposes to keep them exempt.
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