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Private Sector Businesses Sole Traders Sole traders are the smallest type of enterprise. This type of business is owned by one person, although he or she may employ other people to work in the business, he has complete control over the business and takes home all the profits. A sole trader is someone who decides to own and run his or her own business and most probably uses her own saving as capital to start it up. This type of business is easy to set up and there are no formal procedures to follow. Advantages: * If the firm is successful then the owners reward is the profit. * Ideally suited for offering a personal service to customers. * Bad (unpaid) debts can be avoided as the customers are usually known to the owner and most transactions are usually for cash rather than credit. * The sole trader can be flexible as to which days to work...

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