Research task two
Sole trader A sole trader is someone who is self employed and runs their own business as an individual. They essentially are the business. this can be a good and bad thing, for example, they are in charge of everything, assets, profits, what jobs to do when, this would mean their work week is very flexible. But there are downsides to this as well, they have to be their own motivation because no one is making them do any work, they are responsible for paying for everything ( travel, equipment etc.)this could get quite pricey. Limited companies Typically limited companies are better than sole traders because their debts only go up to amount of money they invest, whereas things like sole traders it could extent and they could lose a lot of money and assets. The downside is that limited companies require a lot more paper work and preparing and there usually isn't just one owner it's split into shares. partnerships A partnership is a formal agreement by two or more people t...