In five pages this paper considers United Kingdom's business structures in terms of each's advantages and disadvantages. Three sources are cited in the bibliography.
Name of Research Paper File: D0_MTukbusi.rtf
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shingle, taking an add out in the local newspaper and then waiting for customers to arrive. The business owner (or owners) must consider the most efficient and effective business set-up
in which to run the business. This paper will examine a few of these structures and discuss the pros and cons of each.
For individuals who are just starting their own businesses and who are using their own personal capital to get started, sole trader status is the best way to go
(Business Bureau UK (b), 2002). The sole trader is the simplest form of business around, as it relies on only the owner and has few legal formalities, obligations or constraints
attached as other forms of business do (Business Bureau UK (b), 2002). In order to launch a business as a sole trader, its simply a case of informing the tax
inspector and contributions agency of intentions - as well as a small amount of capital - and thats all (Business Bureau UK (b), 2002).
The advantage of being a sole trader is the ability to provide a more personal service to customers, and the ability to make changes within the company at
once - as there is no partner, board of directors or bureaucracy to consult (Business Bureau UK (b), 2002). Also, the owner of a sole trader firm has complete control
over the business and its profits, and he/she can use the money made in the business without having to justify the spending (Business Bureau UK (b), 2002).
The disadvantage to this type of structure is that expansion is dependent on capital that the sole trader can inject into the business - and