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SOLE TRADER- This type of business is owned by one person- although he or she may employ other people to work in the business. A sole trader is someone who decides to own and run his or her own business and most probably uses personal savings as capital to start it up. There is therefore just one person taking all the risks. If the firm is successful then the owner's reward is the profit. The owner can keep all the profit after expenses have been paid (called the net profit), although he or she must pay income tax on this to the Inland Revenue. If the business is unsuccessful then the owner loses money. The concept of unlimited liability means that the owner may also lose his or her personal possessions and be made bankrupt. PARTNERSHIP- A business partnership is set up by at least two people. Most partnerships are relatively...

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