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5 things about the private sector in business

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Sole traders

This is a business that is owned by 1 person however they can have multiple employees

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Partnership

This is a business which can have 2-20 owners althpugh there can be exceptions.

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Key features of a sole trader

It is a business owned by one personThe owner invests equity into the buiness wither from personal savings or bank lonesAlthpugh ther is one owner they cn have many employees

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Key features of a partnership

Each partner will invest money into the business and will be entitled to a share of profits when the partnership is formed a deed of parnershiup should be wrote up to help avoid disagreement

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What is the private sector

The private sector is owned and run by private individuals eg sole traders,partners and shareholders.

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Advantages- sole trader

The owner keeps all the profits The owner makes all the decisionsIt is easy to set up

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Disadvantages-sole trader

It may be dificult to obtain There mayt be a lack f new ideas a result of working in isolationUnlimited liability

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Advantages-partnerships

There is mmore equity invested compared to s sole traderThere are more ideas compared to a sole trader

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