Sole Trader :: btec business assignmentintroductionsole tradera business organisation btec introduction sole owned managed one person implied ownership under individual employ lot people work one key feature limited liability refers situation whereby looses both invested capital private property winds up advantages profits would shared decision making easy consult anyone things slightly sense less Business and Management Studies Btec Business AssignmentIntroductionSole-TraderA Sole-Trader is a

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Btec Business AssignmentIntroductionSole-TraderA Sole-Trader is a
business organisation.

Btec Business Assignment

Introduction

Sole-Trader

A Sole-Trader is a business organisation which is owned and managed by
one person. Implied in this is that ownership is under one person and
this individual could employ a lot of people to work for him.

One key feature of a sole trader is that of limited liability. A
limited liability refers to the situation whereby he or she looses
both the invested capital and private property when the business winds
up. Advantages for a sole trader are that profits would not have to be
shared and decision making would be easy because the sole trader would
not have to consult anyone in decision making.

For a sole trader things would be slightly easy in the sense that
there would be less confusion as everything would go by the way the
individual wants the business to be. It is also a big responsibility
as there would be a need to have a high-level of personal interest and
if the individual does not show this, then it could be a big factor as
to why the business could go bust.

Partnership

A partnership is a type of business organisation which is owned and
managed by two or more people, usually not any more then 20 people.

The key feature of this type of business is that of profit sharing.
This brings me onto the Partnership Act 1890 which outlines the main
rules of a business in partnership:

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