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Advantages of being a sole trader:You are your own bossCan decide things quicklyEasy to set upKeep all the profitsMake your own decisionsDisadvantages of being a sole trader:Unlimited liabilityMay lack financeHeavy workloadMay not have all the skills requiredDifficult to take a holidayAdvantages of being a private limited company (Ltd)Limited liabilityBetter status in the eyes of some customersContinues after the death of the foundersCan bring in investorsManagers can be employed whilst owners retain controlDisadvantages of being a private limited company (Ltd)Have to registerHave to disclose information on sales and profits (lose privacy)Have to have accounts independently checked (cost)If there are any other investors the original founder is not in full control of the businessMust pay corporation taxAdvantages of Partnerships (compared to a sole trader)Share workloadMore sources of finance than a sole traderShare skillsDisadvantages of PartnershipsMay disagree with the other partnersUnlimited liabilityLiable for the actions of the other partnersRewards are divided between the partners ................
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