Sole Trader Partnership Private Limited Company (LTD) Public Limited Company (PLC) What we will be doing over the next few weeks… When a person wants to.

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Presentation transcript:

Sole Trader Partnership Private Limited Company (LTD) Public Limited Company (PLC) What we will be doing over the next few weeks… When a person wants to set up a business they must decide what legal form that business will take.

Lesson Objectives To know and understand what a sole trader is To understand the advantages and disadvantages of being a sole trader. To be able to apply the information you learn to start your Powerpoint Presentation

Definition of a Sole Trader

Sole Trader This does not mean that only one person can work for the business. It means that the owner is an individual person. Sole Traders have unlimited liability: This means that if the business fails then the owners personal items (e.g. House, Car, TV etc) could be sold to cover the losses of the business.

Advantages of Sole Traders Easy to set up Easy to run Full Control Low initial capital required Keep all of the profits Privacy Flexibility

Disadvantages of Sole Traders Unlimited Liability Lack of continuity Illness Long Hours Difficulty of raising capital Limited specialisation

Your Presentation! Think ‘Professional Presentation’. Look at the 2 examples here. Which is the best?