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Types Of Business Organization
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Define Sole Trader.
Define Sole Trader.
A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.
Difference between Franchisor and Franchisee.
Difference between Franchisor and Franchisee.
The “franchisor” is the person or corporation that owns the trade-marks and business model. The “franchisee” is the person or Corporation that owns and operates the business using the trade-mark and business model system licensed from the franchisor.
Disadvantages of Partnership.
Disadvantages of Partnership.
-Unlimited Liability
-If one owner dies/quits, the business no longer legally exists.
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