The Difference Between Public and Private Sectors

1221 Words May 1st, 2011 5 Pages
Many people don’t know what business law is and so hopefully this essay will help clear that up and increase the knowledge about one exact topic in business law which is partnerships ,business law in general encompasses the law governing contracts, sales, commercial paper, agency and employment law, business organizations, property, and bailments. Other popular areas include insurance, wills and estate planning, and consumer and creditor protection. Business law may include issues such as starting, selling ,or buying a small business, managing a business, dealing with employees, or dealing with contracts, among others.
Now lets get into details and start with the business organizations there is the private sector which includes the
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You don't need to register a company either and can be known as almost anything and most people have businesses that are "trading as", the fourth and one of the important advantages is that the Decision making is also fast as it's just the owner who decides where the business is heading and whether or not to undertake any work and where and when they will work. They are generally closer to their customers and offer a more personalised approach and improved customer service as they are the person each customer has contact with, and the fifth and last advantage would be that Accountants generally charge less for company accounts and advice because there is less work to undertake. You just need to complete a profit and loss account rather than a balance sheet and cash flow (although it's worth preparing these last 2 on a regular basis to manage your business).
Lets get into the disadvantages of the sole trador now which consists of three and the main disadvantage is that you, as the owner of the business, are solely liable for any consequences of business failure or any other
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