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o Full control over decisions

Advantages o Easier to set up

o Very independent o Less expensive than other forms of business

o Can be your own boss

o Keep all profits


Disadvantages

Cannot be an “absentee owner”  Unlimited liability  On your own, no help to make decisions 


Advantages

o Each of you can focus on your strengths/what you’re good at doing

o Deal with losses together

o Someone to discuss ideas with, hear another opinion

o Share the start-up cost/ more money to start with


Disadvantages

Share profits  May disagree on ideas  Unlimited liability 


Advantages o Ownership is easily transferrable

o Limited liability

o Able to raise a large amount of money


Disadvantages

Expensive to set up  Difficult to set up  Small share of profits 


Advantages

o Less risk of failure

o Start-up assistance

o Proven methods and products

o On-going training and support


Disadvantages

Must pay a franchisee fee  Must pay a portion of advertising costs  Must maintain standards set by the franchiser 


because I would have half of the control over it, rather than only a small amount of control, half of the profits, rather than only a small share of the profits, and I would have someone to help me make decisions and come up with ideas.


Types Of Business Ownership