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Business and Transport Introduction The form of business ownership indicates how a business is legally set up or what the business’ legal structure is. There are different types of business organisations such as sole proprietorships, general partnerships, limited liability Company, and corporations…
The second part of the paper will deal with modes and types of transport and travel around the world where examples of sole traders may be found. The paper will also suggest potential remedies to overcome the inherent issues that a sole trader operating in transport sector would face. Part I Sole Trading When a person individually initiates and operates his/her own business, it is called sole trading. This form of business may have one or more employees. It generally involves fewer amounts toward capital investment as compared to other modes of business ventures. It is best fitted to people with innovative business ideas and sufficient capital for running their business. The main benefit of this system is that the businessman owns everything what he acquires from the business. Moreover, with the feasibility of self guidance, the individual can grow without restrictions. In addition to this, as Tonkin (2006) states, sole trader can start the business with minimum set up cost and can continue operations without a tax file number. He is also exempted from many other legal charges and superannuation. The most competitive strengths of a sole trader is that he can easily offer specialist services to customers and cater the needs of local people. ...
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