Business Types

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What is a sole trader?

Back

A sole trader is one owner of a business, entitled to keep all profits after tax has been paid but liable for all losses too.

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What is a limited company?

Back

A limited company is a company whose owners are legally responsible for its debts only to the amount of money they invested.

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What is a partnership?

Back

A partnership involves two or more individuals who share management, profits, and losses.

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What is a chain in business terms?

Back

A chain shares a brand and central management, and usually has standardised business methods and practices for daily running.

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What is a franchise?

Back

A franchise is a business (franchisee) that legally uses someone else’s (franchisor’s) expertise, ideas, and processes.