Appropriate Legal Structure

Pros and Cons of Sole Trader/Partership

There are Many Advantages of Being a Sole Trader/Partnership:

Such as getting all the money

Making all the decisions

You can work as long as you want.

There are also disadvantages of being a sole trader/partner:

Have to take  responsibility

Can have long hours

And you can have unlimited liability which means if you cant pay them back they can take personal possessions.

Pros and Cons of a Limited Company

Pros of a Limited Company:

You can raise more money

Gain more customers because you are more well known and a trusted by other companies

Limited liablility

Why Change Legal Status

Because you would get more money and if you cannot take back they cannot take personal belongings

Expand the busness

Key Terms

A Sole Trader is someone that's owns their own business.

A Partnership is 2 to 20 people that work together to own a business.

A Private Limited Company is a company owned by family and friends.

Unlimited and Limited company are responsible for all depts. and can loose personal possessions.

A Public Limited Company is owned  by the public who buy shares

Shares And Shareholders are people who buy shares of a business which mean they own a part of it.

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Your work shows some real positives…

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