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Different types of ownership of business ranging from the simple to the
complex. Here I will cover the main types, outlining the advantages and
disadvantages of each leading to a decision on which type of ownership
is most appropriate for my business.
Types of ownership
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There are many different types of ownership of business ranging from
the simple to the complex. Here I will cover the main types, outlining
the advantages and disadvantages of each leading to a decision on
which type of ownership is most appropriate for my business.
Sole Proprietors
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A sole proprietor, or sole trader, is the name given to someone who
runs the business by themselves. This is usually someone who is
particularly skilled in one area or had a very good and marketable
idea. There are many advantages and disadvantages to setting up a sole
proprietorship.
Advantages
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Sole proprietorships often require less capital to start up than the
bigger businesses. This is because they are usually smaller and have
less staff to start with. This cost is minimal and often only a few
hundred pounds.
Sole proprietorships are easy to set up, few forms and licenses need
to be obtained and the business can start almost straight away,
resulting in less time being unemployed. The only official form you
need to fill in is a inland revenue form for use when calculating
income tax, it also entitles you to many tax advantages outlined
la…
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