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"Business Organisations"
Business Organisations
Gabrielle Gooch
The type of Business Organisation

This is important in order to know how many people are involved in the business (eg sole trader one person).

Sole Trader

A sole trader is an individual who owns the business. Eg Hairdresser

Sole traders are risk takers and moneymakers.

The advantages of being a sole trader are that you can make decisions quickly as there is no one else that needs to be consulted, the owner gets to keep all rewards and profit, flexible working hours, they are their own boss, being a sole trader makes businesses easy to set up and business affairs can be kept private.

The disadvantages of being a sole trader are that there are limited sources of finance, the sole trader has unlimited liability (the responsibility to pay off every company debt, it may involve losing personal assets), No one to share workload, responsibility and risk often has limited knowledge and skills and there is no one to share ideas with.

Public Limited Company (plc)

A company whose shares are openly traded on a stock exchange.

A plc must have at least £50,000 in share capital in order to start up so it is harder to raise funds. Plcs have a lot more shareholders because their shares can be sold to the general public so they are much larger companies. The larger the plc is, the less likely it is that shareholders are involved very much in the business; it is more likely to be directors.

The advantages are that it is easier to attract shareholders and a lot of shares can be sold making it easier to raise capital. Shareholders are likely to invest as they have limited liability.

The disadvantages are that information has to be given to the general public and competitors can easily see accounts. It is expensive to publish accounts as it can cost...

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