Business Ownership Types

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Issue:

Miscellaneous

 

Written by:

James L

 

Date added:

April 8, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

7 / 1786

 

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Such businesses could be hairdressers, corner shops or market stalls etc. Sole traderships have unlimited liability so if the business fails to pay its debts the financial responsibility falls on the owner/s to pay the debts in full even if they have to sell their business, personal possessions and assets...
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Examples of partnerships used in business are accounting firms and solicitors firms. A partnership has two or more owners. They work, manage and are responsible for the running of the business. Individual partners may concentrate on a certain aspect of the business where they have expert knowledge. As there is more than one owner, larger amounts of capital can be fed into the business via personal funding or bank loans...
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