Unit 1: P5 Business Ownership
The following P5 I’ll be deciding on what ownership I would have and giving reasons.
The positives on being a sole trader is that the entire profit after paying tax goes to you and
things like making decisions you wouldn’t have to compromise with other owners and
stakeholders. With being a sole trader you find keeping record is easy and you don’t have to
rely on others. The negatives are responsibility is entirely on you and the amount of paper
work would be a lot and things like holidays and sickness time would be very hard to take.
You need to be very trained and have experience on running a business.
Having a partnership could work for me as
I feel that being a sole trader as my ownership is well suited for me. The reasons for this are
that I’ll be able to own 100% of the business and not having to compromise when taking
decisions. I believe that I’ll be able to handle everything like finance and operating without
needing any help. I would be responsible for every aspect on the business and with that
power my business would be a success. Wouldn’t have to share profits with any one which is
a positive but this also create a lot of responsibility for me and knowing everything rests on
me. Another positive is it’s easy to set up and I can trade under my own name without
needing to ask permission. I have the business skills to run my business and every aspect.
Another negative is I wouldn’t be able to take holidays and if I’m sick it would be very hard to
take time off.
The following P5 I’ll be deciding on what ownership I would have and giving reasons.
The positives on being a sole trader is that the entire profit after paying tax goes to you and
things like making decisions you wouldn’t have to compromise with other owners and
stakeholders. With being a sole trader you find keeping record is easy and you don’t have to
rely on others. The negatives are responsibility is entirely on you and the amount of paper
work would be a lot and things like holidays and sickness time would be very hard to take.
You need to be very trained and have experience on running a business.
Having a partnership could work for me as
I feel that being a sole trader as my ownership is well suited for me. The reasons for this are
that I’ll be able to own 100% of the business and not having to compromise when taking
decisions. I believe that I’ll be able to handle everything like finance and operating without
needing any help. I would be responsible for every aspect on the business and with that
power my business would be a success. Wouldn’t have to share profits with any one which is
a positive but this also create a lot of responsibility for me and knowing everything rests on
me. Another positive is it’s easy to set up and I can trade under my own name without
needing to ask permission. I have the business skills to run my business and every aspect.
Another negative is I wouldn’t be able to take holidays and if I’m sick it would be very hard to
take time off.
