Business and People

8 cards·by olimyers1919

What is 'unlimited liability'?

when the owners of a business are liable for its debts

What is a sole trader?

a business owned by one person

What is a stakeholder?

someone who has an interest in the business

What are some advantages of a sole trader?

cheap setup/control/financial confidentiality/all profits to owner

What are some disadvantages of a sole trader?

unlimited liability/capital shortage/skills shortage/long hours

What are some advantages of a partnership, as opposed to a sole trader?

more capital/more skills

What are some disadvantages of a partnership, as opposed to a sole trader?

profit shared/disagreements

What are some advantages of an Ltd, as opposed to a PLC?

less external pressure on decision-making/no stock exchange regulations