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Report on mobile phone business Date: 04/11/04 To: Mr Khan From: Mohammed VORA Terms of reference: In this report I will examine the business of Mr Khan's mobile phone shop and advise him on which legal form he should take; either setup a sole trader or go into partnership. I will study all the advantages and disadvantages of sole trader and a partnership business. Finding: Advantages of a sole trader Disadvantages of a sole trader Easy to setup and to run- not many forms to be filled in. Unlimited liability- If the business is bad then it is possible for the owner to lose everything they own. All profits go to the owner- he/she themselves. Lack of continuity- The business could be sold by the owner or it could be passed onto their children or all of its assets could be sold off. He/she are their own boss- has complete control over what happens and what doesn't. Illness- If the sole trader...

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