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business Different type of ownership of a business
Member rating: No Rating | Words: 717 | Submitted: Wed Mar 26 2008
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Business Ownership Sole Trader Main Features * A sole trader is somebody who owns and controls his/her own business. * Sole traders have unlimited liability. * They may employ people to help them at work but they have sole responsibility of the business. Advantages * The sole trader does not have to ask anyone for permission - they can make their own decisions. * The sole trader does not have to share any of the profits that the business makes. * The sole trader will always know what is happening in the business as they make all the decisions. * Control of the business cannot be lost. * It is easy for a sole trader to set up their business. * Little capital is needed to set up a sole trader. * The management of the business is simple. * The sole trader may have more self esteem if they own the business themselves....
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