Business ownership common mistakes

Common mistakes

• Legal structures common mistake 1

  Giving a vague answer instead of directly addressing: Identify the legal structures available to businesses..

  Fix itAnswer by clearly explaining how to identify the legal structures available to businesses..

• Legal structures common mistake 1

  Giving a vague answer instead of directly addressing: Explain how sole traders, partnerships, private limited companies, public limited companies and not-for-profit organisations differ..

  Fix itAnswer by clearly explaining how to explain how sole traders, partnerships, private limited companies, public limited companies and not-for-profit organisations differ..

• Benefits, drawbacks and suitability common mistake 1

  Giving a vague answer instead of directly addressing: Analyse benefits and drawbacks of each legal structure, including management and control, sources of finance, liability and profit distribution..

  Fix itAnswer by clearly explaining how to analyse benefits and drawbacks of each legal structure, including management and control, sources of finance, liability and profit distribution..

• Benefits, drawbacks and suitability common mistake 1

  Giving a vague answer instead of directly addressing: Explain limited liability and identify which legal structures benefit from it..

  Fix itAnswer by clearly explaining how to explain limited liability and identify which legal structures benefit from it..

• Benefits, drawbacks and suitability common mistake 1

  Giving a vague answer instead of directly addressing: Evaluate suitable legal structures for new start-ups and large established businesses..

  Fix itAnswer by clearly explaining how to evaluate suitable legal structures for new start-ups and large established businesses..