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LPC Business Law and Practice (BLP) notes ULAW (high distinction) - complete set
- Exam (elaborations) • 136 pages • 2022
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Brief Overview of Different Structures 
Type What is it? Advantages pages 19- 
20 
Disadvantages pages 19-20 
Sole 
Trader 
Pages 4-5 
Someone who runs a 
business on his own as a 
self-employed person. 
They are someone who: 
 Has the right to make 
all decisions regarding 
the business 
 Owns all the assets of 
the business 
 Is responsible for 
paying income tax on 
all profits of the 
business 
 Has unlimited liability 
for debts of the 
business 
 Easy to form as 
there are n...
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