Partnerships (Business Type)

Partnerships are businesses owned by two or more people. Doctors, dentists and solicitors are typical examples of professionals who may go into partnership together and can benefit from shared expertise. One advantage of partnership is that there is someone to consult on business decisions. The main disadvantage of a partnership comes from shared responsibility. Disputes […]

Sole Trader

A sole trader describes any business that is owned and controlled by one person – although they may employ workers. Individuals who provide a specialist service like plumbers, hairdressers or photographers are often sole traders. Sole traders do not have a separate legal existence from the business. In the eyes of the law, the business and […]

Marketing Mix

The marketing mix is the combination of product, price, place and promotion for any business venture. A company needs to consider the marketing mix in order to meet their consumers’ needs effectively. No one element of the marketing mix is more important than another – each element ideally supports the others. Firms modify each element in […]