Business Ownership Types There be different types of ownership within the work sector. Sole tradership is when the business is skillfuly drive home and managed by one person, though others can be employ to help run the business. As the sole traders only financial income is from the business and/or bank loan, they do not have the resources to expand and cover regional or national areas. These types of businesses are located in the small business sector and normally cover local areas. Such businesses could be hairdressers, corner shops or market stalls etc.
Sole traderships have unlimited indebtedness so if the business fails to pay its debts the financial responsibility move on the owner/s to pay the debts in full even if they have to sell their business, personal possessions and assets. Another congresswoman of business ownership is a partnership. Examples of partnerships used in business are accounting firms and solicitors firms. A partnership has two or more owners. They work, manage...
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