Sole traders and partnerships

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Presentation transcript:

Sole traders and partnerships Types of Ownership (1) Sole traders and partnerships

Types of Ownership Businesses can be organised in many different ways, depending on their size and activities Most small businesses are organised as either: A sole trader A partnership Pupils to make notes This should be revision for pupils, so they should be able to contribute to Q & A session

What is a sole trader? A sole trader is a business owned and run by just one person The owner may employ other people to work in the business Pupils to make notes

Why operate as a sole trader? The owner gets to keep all the profits He makes all the decisions The business is easy to set up – no paperwork! Business affairs can be kept private Pupils to make notes

What are the disadvantages? Nobody to ask for help or advice Difficult to take time off for holidays or illness Often have to charge higher prices than larger businesses e.g. small grocer vs. supermarket The owner has unlimited liability for all debts….. Pupils to make notes Find out more!

What does unlimited liability mean? This means that the owner has to pay for any losses the business makes If he does not have enough money he may have to sell his house or car to pay the debts! Pupils to make notes

What is a partnership? A partnership is a business owned jointly by 2 up to 20 people The partners own and run the business together Pupils to make notes

Why operate as a partnership? The partners can share the workload, and it is easier to get time off There is more than one person investing money in the business They can share the decision making Partners may have expertise in different areas Pupils to make notes

What are the disadvantages? Have to share the profits! Partners may disagree on how to run the business Partners have unlimited liability (except for sleeping partners) Pupils to make notes

What is a sleeping partner? Invests money but takes no part in the running of the business Can register for limited liability This means he is not liable for all the debts of the business – only the amount he originally invested Pupils to make notes

Setting up a partnership Partners should draw up a Deed of Partnership This is a document which sets out how the partnership will be run e.g. How much money each partner is investing How profits are to be shared The duties of each partner in the business Pupils to make notes