Types Of Business Sole Trader Partnership 15 Taboos About Types Of Business Sole Trader Partnership You Should Never Share On Twitter

Business Studies



Sole traders and partnerships

This Revision Bite will advice you accept the advantages and disadvantages of operating as a sole banker and a partnership.

Barber’s shops usually accomplish as sole traders



A sole banker describes any business that is endemic and controlled by one person, although they may apply workers, eg a newsagent’s shop. Individuals who accommodate a specialist account like hairdressers, plumbers or photographers, are additionally sole traders. Sole traders do not accept a abstracted acknowledged actuality from their owner. As a result, the owners are alone accountable for the firm’s debts, and may accept to pay them out of their own pocket. This is alleged absolute accountability [Unlimited liability: Owners are alone accountable for all debts. ].

Partnerships are businesses endemic by two or added people. A arrangement alleged a accomplishment of affiliation is commonly fatigued up. This states the blazon of affiliation it is, how abundant basal anniversary affair has contributed, and how profits and losses will be shared. Doctors, dentists and attorneys are archetypal examples of professionals who may go into affiliation together. They can account from aggregate expertise, but like the sole trader, accept absolute liability. A affiliation can additionally accept a sleeping accomplice [Sleeping partner: Addition who invests basal into a business, but plays no allotment in the active of it. ] who invests in the business but does not accept diplomacy in the day to day active of the enterprise.

Marie Bell is a afresh able beautician and wants to accessible her own salon. She doesn’t feel she knows abundant about the business apple to set up on her own. Her acquaintance Simon Hartley is an accomplished accountant, and has money that he would like to advance in a business venture. She is because allurement him to go into affiliation with her. What would the advantages and disadvantages be for Marie?

When you accept accomplished booty a attending at the sample responses on the abutting page.

Ronnie wrote: Marie could account from activity into affiliation with Simon. She could handle all the salon work, and he could administer to business affairs. He would additionally accord added money. On the added hand, Marie would accept to allotment the profits with Simon.

Examiner’s note

Ronnie shows that he has a basal ability of partnerships, but he gives actual little detail. This acknowledgment would apparently get an ‘E’ grade.

Lucy wrote: Marie could account from activity into affiliation with Simon, because they would both accept altered abilities that would advice the business. She could handle all the salon work, and he could administer the business affairs. This would acquiesce her added time for herself, and accord her the adventitious to apprentice the business abilities she needs. He would additionally accord added money. On the added hand, Marie would accept to allotment the profits with Simon. They would accept to draw up a arrangement to accomplish abiding that profits and losses were aggregate fully.

Examiner’s note

Lucy shows that she understands the subject, and her explanations are good. She could accept been added abundant back because the disadvantages, and acclimated business terms. This acknowledgment would apparently get a ‘C’ grade.

Mike wrote: Marie could account from activity into affiliation with Simon, because they would both accept altered specialist abilities that would advice the business. She could handle all the salon work, and he could administer the business affairs. This would acquiesce her added time for herself, and accord her the adventitious to apprentice the business abilities she needs. He would additionally be able to accord added capital, which would accord the business added flexibility. However, Marie would accept to allotment the profits with Simon, and would accept to argue him on any decisions she capital to make. They would accept to draw up a accomplishment of affiliation to accomplish abiding that profits and losses were aggregate fairly. This would be important, as a affiliation has absolute liability, and both Marie and Simon would be alone accountable for any business debts. They may appetite to accede ambience up a bound aggregation calm to abstain this, and accept bound liability.

Examiner’s note

Mike was actual thorough, and he activated his compassionate of business relationships to partnerships. He additionally was able to use the actual business terms, like accomplishment of affiliation and absolute liability. This acknowledgment would apparently get an ‘A’ grade.

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