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Describe In Detail And Compare Different Types Of Businesses, Highlighting The Similarities And Differences Between Them.
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Describe In Detail And Compare Different Types Of Businesses, Highlighting The Similarities And Differences Between Them. Sole Traders and Partnerships Sole traders are sometimes known as sole proprietors. A sole trader is a type of business owned by one person. A partnership is a type of business owned by a minimum of two people and a maximum of twenty people. Examples of sole traders and partnerships are a small newspaper stand and doctors / lawyers. Both these businesses are unincorporated businesses which means they both have unlimited liability, which means the owner of the business is liable for debts of the business. Personal possessions such as cars and houses may have to be sold to raise money to pay off the debts of the business. Unincorporated businesses also have tax on profits, which means that income tax is paid on the profits, which the business may make. Their financial information can only...
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