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The majority of businesses are owned by sole proprietors. The owner has complete control of the business, and is completely responsible for the company success or failure. The risks of sole proprietors are highly immense, but the rewards are great in job satisfaction. The main advantages of this form of business are: * Small start up costs. It is simple and very inexpensive to get set up as a sole proprietor. However you will have to tell the income tax authorities and you will be taxed under schedule D. you must also keep proper business accounts. * All profits are kept by the owner of the company, although they must save enough money to be able to pay tax, interest charges on loans and VAT. * Losses made in the first year may be offset, or balanced, against tax paid earlier in the same financial year. * The small business is very flexible, where...

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