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Lesson Four Unit: Objectives and Strategy Business Organisations - Legal Structure Business organisations are the different legal forms a business can adopt. The key distinction is that some businesses provide limited liability for any debts the business incurs. Others have unlimited liability - which obviously doesn't Unincorporated Incorporated What is a Sole-trader? (Builder/local shops/hairdresser) Sole-traders are individuals who own and operate their own businesses. Although there may well be other employees (usually no more than 5) the final decisions are made by the 'sole-trader'. A sole-trader is the only one that benefits financially from the success, but must also face the burden of any failures. Therefore, in the eyes of the law the business and the individuals are the same. This means that the sole-trader has unlimited liability. What are the advantages and disadvantages of being a Sole-trader? Advantages Disadvantages (1) Keeps all the profits (1) Limited Capital (finance) (2) Set your own agenda (2) Long & hard hours (3) Secretive business...

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