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4 Pages • Partial Study Notes • Year: Pre-2018
Business Structures 1. Sole trader • One person sets up as sole trader/sole proprietor • Business has no separate existence from the sole owner, who is responsible for all liabilities and keeps all profits • No partners or shareholders • Limited life • Limited access to finance • Unlimited liability 2. Partnership • Two or more people carrying on a business in common with a view of profit • Not separate legal entity like a company • Combined financial resources • Each partner jointly liable in contract/each partner jointly and severally (individually) liable in tort
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