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Types of Ownership Sole Trader A single person owns this type of business although he/she may employ other people to work in the business. A sole trader is someone who decides to own and run his/her own business. He/she usually uses personal capital or something along the lines of a bank loan to get the business started. This means the sole trader is taking all the risks that are involved in running a business. If the business is successful the owner's reward is the profit. The owner can keep all the profit after expenses have been paid, this is called NET profit. The sole trader has what is called unlimited liability which means if the business is unsuccessful the owner stands to loose his/her personal possessions. There is also the risk of the owner becoming bankrupt. The sole trader can make all decisions in the business and is responsible for keeping accounts...

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