1. Starter Answer the following questions on your whiteboards
Define sole trader.
What is unlimited liability?
List 2 advantages of being a sole trader.
List 2 disadvantages of being a sole trader.
EXTENSION: I want to open a newsagents. I want to be the boss, but can you give me some advice to what else I need to be aware of.

2. Partnerships

3. Objectives To identify the features of a partnership (E)
To analyse the benefits and drawbacks to a partnership. (C)
To evaluate why a business would form as a partnership. (A)

4. What is a partnership?
A business agreement between 2-20 people, but could have more staff
They have unlimited liability
Examples:-
Vets
Doctors
Solicitors

5. How to set up a Partnership?
A Deed Of Partnership needs to be completed. This shows:-
The money put in
Roles and responsibilities
How the agreement can be ended
Anything not covered in this agreement is covered by the Partnership Act 1890

6. Sleeping Partners
These are people who have invested money into the company but have no active part in running the business
They have limited liability

7. Advantages Vs Disadvantages
In pairs come up with the advantages and disadvantages you believe a partnership to have.

8. Advantages of Partnerships
Spreads the risk more than being a sole trader
New skills can be brought to the business
More money and resources are brought to the business
Accounts are kept private

9. Disadvantages of Partnerships
Unlimited liability
Sharing the profits
Less control of the business
Disputes over workload
Partnership has to be reformed if a partner dies

10. Partnership advantages and disadvantages

11. Task
Complete the true or false activity handed out.

12. Activity
In groups you should form your own partnership and each create a deed of partnership detailing the particulars of the business you are creating.

13. Team quiz!

14. Video
Watch the following short video which will talk about the different forms a business can take. You have covered 2 of them, but what are the other ones mentioned?
Can you make a note of what they are and their advantages and disadvantages?