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Types of Business Ownership JCC Limited is a private limited company. Other forms of business ownership include: The sole trader. This is the most common form of private sector business. This type of business has one owner who runs the business and may employ any number of people to help. Advantages of being a sole trader include the lack of legal restrictions, the sole trader is able to set up their business relatively quickly. Also all profits after tax are kept by the owner. There are a number of disadvantages to being a sole trader though, the main one being that sole traders have unlimited liability. This means that if the business gets into heavy debts then the owner is solely accountable and could be forced to sell personal possessions to cover these debts. Partnerships. A partnership made up of a number to people (between two and twenty). The members of the partnership...

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