A sole trader

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Being a sole trader you can make changes to your business how you want and when and you have a personal relationship with your customers. Partnership A partnership means to share a business with two or more partners. The partners could be family related, friends or contacts. In this case each partner is liable for any debts taken on by the business. Advantages  With partners you can raise more money than a sole trader There are more skills involved between the partners.

Their holidays and sickness is covered Disadvantages Partners have to agree on every thing unlike a sole trader who makes all of the decisions themselves If the business partnership fails one of the partners may have to pay of the debts of the partnership You could fall out with one of the partners and this could lead to discomfort within the work place Summary This could be good and bad, it would help if you were low on capital and having a partnership could create new ideas in business, Although on the other hand if you and your partner have a dispute it can lead to bad working conditions and cause the business to fail and leave you and your partners bankrupt. It is very important that you choose the right partners for your business to be a success.

Public limited company A public limited company must have a least two directors and two share holders, public limited companies must also have a solicitor, accountant. The company must also have a minimum authorised share capital of 50,000 in which must be paid up front and a trading certificate from the registrar of companies before the business can start trading or borrow money.

Advantages Capital available is large and expansion is made easier Share holders have limited liability Disadvantages Limited companies are expensive to set up There is a lot of documentation involved that you have to send away every year to register your company Any one can see how if your business is progressing or not and maybe want to buy you out just by looking at your records.


A Co-operative is were any number of individuals or a business working together to benefit communities. The co-operative is formed to help small business or individuals to become part of an expanding group, they have the power to buy or bargain.

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