APPROPRIATE LEGAL STRUCTURE

SOLE TRADER

SOLE TRADER.

A sole trader is a person who own their own business

The pros about being a sole trader are you get to make your own decisions, you work long hours but you get to keep all the profit you make rather that having to give it to workers.

The cons are that all the responsibility is yours so you have no one else to help you if something happens. Another con is that you have to work long hours to get the profit you want. The last con is unlimited liability which is if you go into too much debt they can take your personal belonging like your house and stuff from inside your house.

PARTNERSHIP

A partnership is a business owned by 2-20 people who work together.

the pros of being in a partnership is that you can be more successful if you partner with more experienced owners and you wont have to handle everything

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