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SECTION A) DESCRIBE THE MAIN FEATURES OF YOUR SOLE TRADER AS A FORM OF OWNERSHIP

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Introduction

SECTION A) DESCRIBE THE MAIN FEATURES OF YOUR SOLE TRADER AS A FORM OF OWNERSHIP. A sole trader is someone who owns, runs, controls and has set up his / her own business. This means that one person is his / her own boss and is responsible for the running of the business by themselves. They keep all the profit. For Example Errol the Mechanic, he is the owner of his sole trader. However a person running the business, by him or herself, is responsible for everything, i.e. accounts, ordering stock, retail and etc. The owner of a sole trader is the person who set up the business. ...read more.

Middle

For Example Errol the Mechanic, got his Capital from a loan from his family, a loan from the Bank and the Prince's trust. However the bigger the business you aim to set up, the larger the Capital that is needed. Unlimited Liability is when; if you come into bankruptcy you will have to pay your Capital (sell your business) and sell some of your belongings e.g. Car and House, to come out of debt. By this I mean that if my Capital was �10,000 and I was in debt of �15,000, I would have to pay my Capital (sell my business) and then my car to come out of debt. ...read more.

Conclusion

For Example Errol the Mechanic, he is the owner of his sole trader, so he keeps all the profit, apart from the wages of his employees. However if the business is not open for a number of days then no income is made and profit goes down. The owner of the sole trader makes all the decisions of the business. By this I mean the owner of the sole trader could to what he / she likes when he / she likes. For Example Errol the Mechanic, he makes all the decisions in his business. However if you have employees and you make a decision that they do not like then they could quit, and you will be back with a workload. ?? ?? ?? ?? Asim Macci Business Ownership 10R ...read more.

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