Ownership Recap

I am owned by 1 person- what am I?

• Sole Trader

• Partnership

I am owned by 2- 20 people- what am I?

• Sole Trader

• Partnership

A good thing about being a sole trader is . . .

• Make millions instantly

• Keep all the profit

A bad thing about being a sole trader is . . .

• You are your own boss

• Noone to share the workload

Which business is most likely to be a sole trader?

• Hairdresser

• Bank

• Solicitor

• Clothes Shop

A partnership is owned by 2- 20 people?

• True

• False

A good thing about being in a partnership is . . .

• You can share skills

• Unlimited liability

A bad thing about being in a partnership is . . .

• Disagreements

• Easier to raise funding

An example of a partnership is...

• Accountant

• Dentist

• Solicitor

• All of the above