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Different Types of Businesses: Sole Traders, Partnerships, Co-operatives, Franchises and Limited Companies
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| Submitted: Thu Jul 11 2002
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Sole Traders A sole trader is one person that owns the entire company. The sole proprietor has complete control over the business and is responsible for it. Some advantages to sole trader businesses are that they have small start up costs it is simple and does not cost much money to set up a sole trading company. You must let the tax authorities know that you will be taxed under scheduled and that you will pay self-employed National Insurance contributions. You will have to also keep regular proper business accounts. Also in this type of business the owner keeps all of the profit made by the business. But he must pay his tax, interest charges on loans, VAT and they also have to pay there employees wages. This type of business is very flexible which is a big advantage, If the company is not making enough profit doing one particular thing,...
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