Sole trader: Unlimited liability of the owner, Owner keeps all the profits, The owner does not need to consult others on decisions , Partnership: Joint liability is unlimited, Owners share the profits and the liability, The partners may share skills and expertise, Ltd: The owners and their friends and family that have invested have limited liability, The founder can invite shareholders to raise finance, Though privately run, the business must submit accounts to Companies House, The private business is incorporated, PLC: The owners and any shareholders have limited liability, Anyone can buy shares in the business, Shares are listed on the stock exchange, Accounts are published for all to see,

NCFE Business Ownership (Sole Traders, Partnership, Ltd & PLC)

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