B. Before you read discuss the following questions.

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B. Before you read discuss the following questions.

1) What should you do before starting your own business?

2) What kind of organization do you want to work for?

3) Do you expect to have one immediate boss, to work for more than one superior or to be part of a team?

C. Read the text and name the main types of businesses mentioned in it.

Sole trader /sole proprietorship

A sole trader is the simplest form of business organization. It describes any business that is owned and controlled by one person - although they may employ workers. Individuals who provide a specialist service like plumbers, hairdressers or photographers are often sole traders.

In the eyes of the law, the business and the owner are the same. As a result, the owner is personally liable for the firm's debts and may have to pay for losses made by the business out of their own pocket. This is called unlimited liability.

This type of business has the following advantages: it is easy to set up as no formal legal paperwork is required, generally; only a small amount of capital needs to be invested, which reduces the initial start-up cost; as the only owner, the entrepreneur can make decisions without consulting anyone else; the owner keeps profit. Along advantages there are also disadvantages: sole trader has no one to share the responsibility of running the business with; he often works long hours and he may find it difficult to take holidays or time off if he is ill; he faces unlimited liability (owner is personally liable for all debts) if the business fails.

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