Sole Traders & Partnerships

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  • Created by: Becky
  • Created on: 23-11-09 17:02

Sole Traders & Partnerships...

Sole Traders:

Barber's shops usually operate as sole traders

A sole trader describes any business that is owned and controlled by one person, although they may employ workers, for example a newsagent's shop. Individuals who provide a specialist service like hairdressers, plumbers or photographers, are also sole traders. Sole traders do not have a separate legal existence from their owner. As a result, the owners are personally liable for the firm's debts, and may have to pay them out of their own pocket. This is called unlimited liability


1) The firms are usually small,


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