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Distinguish between a sole trader, a private limited company and a public limited company. Sole trader is an individual trading in his or her name or under a suitable trading name. Sole trader is the most common form of a business. In law a sole trader is an individual who is liable for all the debts of the business. He/she is personally responsible for repaying those debts. This is known as unlimited liability. As far as decision-making is concerned, a sole trader has the final say. A sole trader does not have any legal bound and therefore will not have to listen to anyone. He can do anything he believes is good for the business. A sole trader has possession of all the profit made in the business. He has to keep in existence all the financial records that show the difference between the money that was used personally and the...

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