Topic three: Franchising, Joint Ventures, Sole Traders law (business organization)

A touch on trader run under a franchise is said to be the master of all he/she controls.

Discuss this statement with special reference to the advantages and disadvantages of such a championship structure in connection with the operation of a franchise.

Advantages

A touch on trading business organization is the simplest form of business organisation as it only requires one principal.

Sole traders can be set in motion in most types of business undertakings such as, small victor practices, builders, plumbers, delis, etc.

The business organisation is, in effect, the individual who is responsible for cathode-ray oscilloscope up, operating and leaving the fix tradership in any appearance he or she please.

There is no law relating specifically to furbish up traders. They are, however, subject to laws connected with fair trading, local authority regulations (if operating out of a residence), tax, etc. The Business Name come is important and has been dealt with in depth earlier in the Text.

Disadvantages

That individual is responsible for the entire decision making and is in sole control.

Funding can be difficult (often by way of a mortgage over property) and the sole trader is personally apt(p) for all the debts of the business.

A sole trader is not regarded as a separate legal entity in the eyes of the law.



However, in technical circles the concept of the sole trader is well established and in terms of accounting conventions such business are set as separate accounting entities as distinct from the proprietors.

The sole trader will have to be aware of many pieces of legislation governing tax, trade practices, health and safety, workers compensation, public financial obligation insurance, industrial law, local authority by-laws, environmental protection, etc. either liability under such legislation will move squarely on the shoulders of the sole trader.

There is no continuity of cosmos as this...

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