... are partnership, limited liability companies and franchises. Partnership A partnership is an agreement between two or more people to take joint responsibility for the running of a business, to share in the profits and to share the risks. There will also be shared ownership, shared decision making, shared workload, shared profit and shared liability for debts. A Limited Liability Company The shares or stocks are held jointly by a number of people. A limited company is owned jointly by shareholders, has a separate legal identity and it has limited liability. Banks and building societies are more willing to lend them money as they have limited liability. The disadvantages of this type of ownership are that it is difficult to set up, there is a lot of paperwork and it is also expensive. Franchises A franchise is when a business allows someone to sell its good or services using its trade marks, brand name, image ...

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