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A sole trader is a self-employed person who runs, owns, and operate their own business. This type of business organization is where the business is owned and runed by one person, but they can still have employees, it's just that one person makes all the decisions and choices for the company.

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some examples of sole traders are self-employed tradespeople like plumbers, electricians, and free lancers where they do jobs for people without a boss or organization telling them to. another example of a Sole trader would be small saloon and restaurant owners where they employ people to work for them but there is only one owner who makes all the business choices and decisions as well as sorting the business's finance.

some examples of famous sole traders are John Willard Maerriott, the creator of Marriot hotels, who started as a sole trader root beer business in washington DC in 1927. Sam Walton, founder of walmart, used to be an sole trader himself, starting an small business to sell things at low prices for higher-volume sales in 1945.

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Advantages and disadvantages of sole traders

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Advantages and disadvantages of sole traders

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Advantages-
easy to start- as a sole trader, you don't need basically any money to start. You don't need to employ anyone or buy any locations and no paper works needed to register, unlike big businesses.

you keep all the profits - because you're the owner, you are able to keep all the profits after you pay your employee, well that if you have one, and you don't have to share it with partners.

Disadvantages-
you have unlimited liability - being the sole owner of the business you are liable for all the finances whether is having debt or making money. In this model, there is no difference between your personal and business assets.

more workload- you have all the responsibility for the business day to day business decisions and have to manage all the finances so this makes you more tired and gives you a heavier workload.

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-A partnership is the relationship of two or more 'partners' carrying out a business with a view to making a profit.

-An example of partnership between business is GoPro & Red Bull. GoPro doesn’t just sell portable cameras, and Red Bull doesn’t just sell energy drinks. Instead, both have established themselves as lifestyle brands — in particular, a lifestyle that’s action-packed, adventurous, fearless, and usually pretty extreme. These shared values make them a perfect pairing for co-branding campaigns, especially those surrounding action sports.

advantages - better and easier decision making - because in a partnership, multiple people are involved, you are able to split the workload and different people can bring in different views.

sharing your burdens - in a partnership you are able to share the burdens of starting a business with multiple people, for example you can share debts, finances, and profits.

Disadvantages - no independent legal status - a partnership business has no legal existence. this means the business can easily be dissolved if one of the partners resigns or dies.

unlimited liability - in a partnership all the partners are liable for all the business's finances and capital, and because all partners are connected together, sometimes you end up paying for the other partner's debt or share when the business is doing bad.

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- Franchising is a form of marketing and distribution in which the owner of a business system (the franchisor) gives to the franchisee (individual or group of individuals) the right to run a business selling a product or providing a service using the franchisor's business system.

- Two examples of Franchises are the Marvel and the DC American cinematic universe.

-  Two advantages of Franchise are

Grow your business - franchising your business can be a cost-effective way to grow your business.

Easier management - the franchisees also run their businesses therefore less managements for you.

- Two disadvantages of Franchise are

Franchising creates goal conflict-since your company now have different managements, it is easier for conflicts to arose

Loss of complete brand control. When a business owner opens an independent business, they maintain complete control over their brand and every decision that happens within the business.

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Private limited companies are usually run by a small group of people who provides capital. A private limited company can be of small-scale or medium-scale. Due to the involvement of several owners, it has greater operational flexibility.

- Two examples of Private limited companies are the  Dyson Limited & Bosch.

-  Two advantages of Private Limited companies are

Separate Legal Entity - The assets and liabilities of a Private Limited Company are distinct from those of the Directors since the company has its own legal identity in the eyes of the law. They both count differently. Because Management and Ownership are divided in a Private Limited Company, managers are accountable for both the company's success and failure.

Limited liability- Finances for the business are kept entirely separate from personal holdings. This is so that a corporation, which is governed by its directors and owned by its shareholders, can operate as a separate legal entity. This indicates that the corporation owns the assets, profits, and liabilities. The director and shareholder are only liable for the amount of money they invested if the company encounters financial difficulties.

- Two disadvantages of Private Limited companies are

Formalities may take times- Private companies require less paperwork and formalities to be followed, but the process can still be challenging for individuals who don't use professionals or business consultants to help with the registration. You could need a professional to complete the task if you don't have the necessary knowledge.

Limited personal control- An individual will have less control over a private corporate entity if there are several investors and owners. Due to other stakeholders' equal rights and power in the decision-making process, personal control is also weakened.

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A  public limited company (PLC) is a company that has offered its shares to the public (listed on the stock exchange), a legal entity that is separate from the owners and has a liability. A public limited company is normally a big company.

Two examples of Public limited companies are Tencent and Apple.

Two advantages of a Public limited company:
1. Limited liability
The debts and liability of the company are separated from the shareholders of the company. This is where the shareholders don't need to afford the debts for the company or don't need to be responsible for the company's actions.
2. Stable structure
If the shareholders leave the company, or the director leaves the company, it does not cause the company to cease operations.

Disadvantages
high costs - The firm has to hire an investment bank and a securities lawyer. The banker then offers the initial shares to the public （IPO） this process can cost a lot to be put in place.

takeovers - sense because you are offering shares to the public then someone can buy a large amount of shares, giving them a large say in the board of directors making the company more vulnerable to takeovers.

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- A joint venture is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task.
This task can be a new project or any other business activity. Each of the participants in a JV is responsible for profits, losses, and costs associated with it.

- Two examples of Joint Ventures are

Barnes & Noble + Starbucks.

Samsung + Spotify.

- Two disadvantages of Joint Venture are

the communication between partners is not great

Conflict also will Arose often as partners have different opinions and thoughts

- Two Advantages of Joint Venture are

increased capacity.

sharing of risks and costs (ie liability) with a partner.