Business Studies - AQA - GCSE - Types of Ownership

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Types of Ownership for GCSE Business Studies
Josh Anderson
Mind Map by Josh Anderson, updated more than 1 year ago
Josh Anderson
Created by Josh Anderson over 8 years ago
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Business Studies - AQA - GCSE - Types of Ownership
  1. Sole Trader
    1. Advantages
      1. Boss of yourself
        1. Easy to make decisions quickly
          1. Easy to set up
            1. Keep all money made (profits)
              1. Make your own decisions
              2. Disadvantages
                1. Unlimited Liability
                  1. May lack finance
                    1. Heavy Workload
                      1. May not have skills
                        1. Difficult to have a holiday
                      2. Partnership
                        1. Disadvantages
                          1. Possible arguments with partners
                            1. Unlimited Liability
                              1. Liable for being held responsible for the actions of partners.
                              2. Advantages
                                1. Shared Workload
                                  1. Many sources of finance available
                                    1. Range of skills
                                  2. Private Limited Company
                                    1. Disadvantages
                                      1. Registration at companies house
                                        1. Have to release information about sales/profits
                                          1. Accounts must be independently checked
                                            1. If there are multiple investors, the original founder is not in full control
                                            2. Advantages
                                              1. Limited Liability
                                                1. Better status in eyes of customers
                                                  1. Continues after death of founder
                                                    1. Can have investors
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