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Task1: different types of business ownership Types of ownership examples Description Advantages / disadvantages of this type of ownership What type of business ownership could they change to Reasons for change Sole trader A GB store is a corner shop in Leeds chapeltown and is also an off licence. Leeds city stores is a corner shop in Leeds Harhills which sells sweets and meat. Yasin bros is a corner shop in Leeds Harehills which sells sweets, biscuits and fish.> A sole trader is a business owned and run by one individual.> They are usually a small business.> Sole trader have unlimited liability.> This means that there is a legal obligation on the owners of the business to pay all the debts of the business.> There is distinction between the owner and the business.> The owner could loose all their personal possessions to pay the debt of the business.> Most business starts as sole traders or partnerships.> Sole traders include...

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