Different Types of Ownership Essay

Different Types of Ownership Essay

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Different Types of Ownership

1.1 Sole trader

A sole trader is the simplest form of business organisation. There is
one owner, who has complete control over the decision making and
running of the business. While many sole traders are indeed people
working on their own, a sole trader can employ others to help run the
business. Since a sole trader business in unincorporated, any people
working in the business, apart from the owner, are actually employed
by the owner.

Setting up as a sole trader is very easy, as there are few legal
formalities to go through. The sole trader must tell the Inland
Revenue that he or she has set up a business and is self-employed.
Details of any profit or loss made by the sole trader during the
financial year must be given to the Inland Revenue annually, together
with balance sheet, if there is one. This is so that the Inland
Revenue can charge income tax on the sole trader's profits, adjusted
by certain items. A sole trader must also keep employment records in
respect of any employees.

Any business name used by the sole trader has to comply with the
Business Names Act 1985. This allows a business to trade under any
name, as long as the name is not intended to mislead customers into
thinking that it has a connection with any other business or
government department if not such connection exists. It is also
illegal to use terms such as 'royal' or 'international' without the
permission of the Secretary of State for Trade and Industry.

Setting up a sole trader can be the least expensive way of starting a
business. Many sole traders start with a minimum of capital or
finance. They often begin b...

... middle of paper ...

...ruction of the environment and so on.
The local community influence the shops by pressure groups that are
organised to lobby the business and other groups of stakeholders. Some
pressure groups are set up for particular purpose, such as to prevent
the building of a bypass, while others, such as Friends of the Earth,
are permanent organisations with specific objectives.

- The government: the government has interest in the shops because of
the well-being of all sections of society, including employees and
members of the public and the environment. The government can
influence the shops by legislating matters affecting people or the
environment. Examples of legislation can be seen in employment and
health and safety law, and consumer and environmental protection. Many
items of legislation are now passed down from the EU.

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