Answers
Subject to more regulations and public disclosure than sole traders or partnerships
Business owned by two or more people who share profits and responsibilities
Owned and operated by one person, having full control over business decisions
Owned by shareholders with limited liability, protecting personal assets
Management can be distinct from ownership, providing professional administration
Allows buying the rights to use an existing business model and brand
Easier to set up with fewer formalities but may face challenges in raising capital
Raising finance can be easier than a sole trader due to combined resources
Decision-making and expertise are shared, but conflicts can arise between partners
Operates as a separate legal entity, which can raise capital through share issuance
All profits belong to the sole owner, but so do all responsibilities and losses
Bears unlimited liability which could risk personal assets in case of business debts
Franchisees get an established brand and support but must follow franchisor guidelines
Initial and ongoing costs to franchisors can impact profitability
Less creative control for the franchisee compared to starting an independent business
Partners share unlimited liability, jointly responsible for debts and obligations
