https://padlet.com/quinnjes78/55hrg45vzdsy What are the advantages and disadvantages of each business structure en-us 2017-11-28 00:19:34 UTC 2017-11-30 03:31:14 UTC hello@padlet.com https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694823 Owner has complete control of working hours and managing their business, to be suitable to themselves]]> 2017-11-30 03:13:09 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694823 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694837 The business owner can keep all the profit ]]> 2017-11-30 03:13:16 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694837 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694848 More profit for the owner ]]> 2017-11-30 03:13:21 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694848 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694856 Conflicts may arise between the partners of the business in regards to decision making.]]> 2017-11-30 03:13:26 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694856 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694859 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. ]]> 2017-11-30 03:13:27 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694859 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694870 Share responsibilities and that's why it can lead employers to be more innovative in different business procedures. ]]> 2017-11-30 03:13:34 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694870 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694871 Decision making is not shared, but can make decision based on their gut.

]]> 2017-11-30 03:13:35 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694871 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694883 The management process is slow compare to sole trader. ]]> 2017-11-30 03:13:44 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694883 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694884 Difficult to operate if owner is unwell]]> 2017-11-30 03:13:44 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694884 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694913 Access to more capital in order to expand the business and/or enhance operations.]]> 2017-11-30 03:13:57 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694913 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694928 Shared workload and responsibility amongst partners]]> 2017-11-30 03:14:02 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694928 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694965 Conflict could occur regarding partners, in relation to power and control]]> 2017-11-30 03:14:17 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694965 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694970 Unlimited liability ]]> 2017-11-30 03:14:19 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694970 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694989 If the business goes bankrupt so does the owner ]]> 2017-11-30 03:14:30 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694989 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694994 Owner is responsible for all tasks, this can lead to more work than being in a partnership]]> 2017-11-30 03:14:34 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694994 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694999 May promote the achievement of a work/life balance.]]> 2017-11-30 03:14:35 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211694999 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695074 each partner is liable for their share of debts]]> 2017-11-30 03:15:08 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695074 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695095 Business is at an increased risk of corruption/debt if the owner has unlimited liability.]]> 2017-11-30 03:15:18 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695095 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695110 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.]]> 2017-11-30 03:15:24 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695110 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695127 Shared decision making, work loads and responsibilities ]]> 2017-11-30 03:15:31 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695127 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695130 More likely to declare bankrupt 

]]> 2017-11-30 03:15:32 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695130 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695164 If the business does well, the sole trader doesn't need to share the profit]]> 2017-11-30 03:15:48 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695164 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695196 Could lead to conflict if partners disagree ]]> 2017-11-30 03:16:03 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695196 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695231 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.]]> 2017-11-30 03:16:17 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695231 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695248 More financial support when starting out ]]> 2017-11-30 03:16:23 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695248 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695300 More likely to expand, due to help and more fundings when parts of the business is bought.]]> 2017-11-30 03:16:50 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695300 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695316 Is quick to be innovative and decision making doesn't take forever as they can work and plan independently ]]> 2017-11-30 03:16:57 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695316 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695317 Less government regulation

]]> 2017-11-30 03:16:58 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695317 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695325 Can be less work, being in a partnership can also help with sharing the decision making]]> 2017-11-30 03:17:03 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695325 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695338 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.]]> 2017-11-30 03:17:12 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695338 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695489 You’re taxed as a single person ]]> 2017-11-30 03:18:27 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695489 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695496 Partners may have varied expertise and can share their knowledge to achieve greater things. ]]> 2017-11-30 03:18:29 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695496 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695499 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]]> 2017-11-30 03:18:31 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695499 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695540 2017-11-30 03:18:54 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695540 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695609 As there are multiple individuals, there is a variety of opinions and knowledge within the workplace]]> 2017-11-30 03:19:34 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695609 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695614 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. ]]> 2017-11-30 03:19:35 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695614 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695686 Advantages of partnership are that work load is divided on More then one person and decisions made are by few people]]> 2017-11-30 03:20:16 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695686 https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695738 Gotta share the profits earned ]]> 2017-11-30 03:20:42 UTC https://padlet.com/quinnjes78/55hrg45vzdsy/wish/211695738