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The business owner can keep all the profit

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Owner has complete control of working hours and managing their business, to be suitable to themselves

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If the business dies, it mean the owner has to fulfil for all the expenses.
The business will not be operated, if the business owner dies.

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More profit for the owner

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Decision making is not shared, but can make decision based on their gut.

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Share responsibilities and that's why it can lead employers to be more innovative in different business procedures.

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Conflicts may arise between the partners of the business in regards to decision making.

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The management process is slow compare to sole trader.

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Difficult to operate if owner is unwell

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Access to more capital in order to expand the business and/or enhance operations.

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Shared workload and responsibility amongst partners

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Unlimited liability

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If the business goes bankrupt so does the owner

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Conflict could occur regarding partners, in relation to power and control

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Owner is responsible for all tasks, this can lead to more work than being in a partnership

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May promote the achievement of a work/life balance.

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each partner is liable for their share of debts

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A Solo trader has full control of the business, it can hire employees but can also choose not too. Tax on a solo trader is not as big as on companies and other business structures.

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Business is at an increased risk of corruption/debt if the owner has unlimited liability.

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More likely to declare bankrupt

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Shared decision making, work loads and responsibilities

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Could lead to conflict if partners disagree

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If the business does well, the sole trader doesn't need to share the profit

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Is quick to be innovative and decision making doesn't take forever as they can work and plan independently

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More financial support when starting out

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The owner is able to choose working hours and a location (as long as it is within the appropriate zone) that is suitable to them.

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More likely to expand, due to help and more fundings when parts of the business is bought.

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Less government regulation

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A solo trader has a full control over the business. It can hire who ever they want and no one can tell them what to do.

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Can be less work, being in a partnership can also help with sharing the decision making

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You’re taxed as a single person

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Partners may have varied expertise and can share their knowledge to achieve greater things.

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Disadvantages are that solo traders have a lots of responsibility on their backs since they are the only ones who own the business. They have to make decisions which can affect them too because unlimited liability is present in a business structure such as solo trader

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The business has the advantage to the shareholder to contribute to the expenses off the business.

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The business has the advantage to the shareholder to contribute to the expenses off the business.

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As there are multiple individuals, there is a variety of opinions and knowledge within the workplace

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A partner may be a 'silent partner' who assists in financing the business and receives a profit but is not involved in operating the business.

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Advantages of partnership are that work load is divided on More then one person and decisions made are by few people

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Gotta share the profits earned