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Ownership In the UK, there are two types of owned businesses. There are privately and public. Privately Owned Businesses are owned by private individuals (One or more). Privately owned businesses are: Sole Trader Sole Traders are owned by own person. They are small simple businesses. A sole trader is an unlimited company as single owner has full responsibility. An example of a sole trader would be trades people or independent shops. Being a sole trader, it is easy to set up. The single owner will have full control as he/she is independent, who can decide their work hours, making it flexible. They can make quick personal decisions and can be put into effect rapidly. Having full control they have minimum paperwork. Being a single owner they would have to find their sources of finance personally making it more difficult. They would have to consider loans, grants, and owner's capital or saved profit. Disadvantages...

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