Individual entrepreneurASole Trader is a business owned and managed by one person. This is why we speak of a sole proprietorship. An individual entrepreneur sets up his own business with his savings and usually a bank loan. A sole trader usually operates his business alone or with the help of his family. If the sole trader's business is successful, he or she will get all the profits, but if it fails and he or she has a lot of debt, then he or she will have to sell all of his or her personal assets, such as his or her car and house, as well as content that is worth money to pay for. his debt, because as an individual entrepreneur, you have unlimited liability. In the sole trader sector, you can almost have any business, whether it is a hairdresser, a boutique, a cafe, a restaurant-grocery store, a boutique gifts and many more. The three things a sole trader cannot own are a bank, a building society and/or insurance. A sole trader must have a license to run businesses like a taxi or a hotel. Being a sole trader means there can only be one owner. in the company. There are many advantages to being a soul trader, but there are also disadvantages: - Advantages: o The owner has all the control of the business, therefore o The owner gets all the profits o It is easy to start a unique business. merchant business o Sole traders can choose their own opening hours - Disadvantages o Unlimited liability o Limited business growth o No paid sick leave o No paid vacation Examples; Sassy Styles Hair Salon is a sole proprietorship owned by Sally Nankivell in Meningie, South Australia. Individual entrepreneurs generally do not have websites. http://www.meningie.com.au/pages/local-business-directory/sassy-styles.phpPartnershipsAPartnership is a business owned by 2 to 20 people, when starting a partner...... middle of paper. .....yA private company can be almost any company in the industry. There are many advantages in a private business including: - Limited liability meaning that whatever debt the business has, the business is responsible for that debt and not the owners therefore all owners and their families are protected so they cannot lose their car, home or personal property - The business is not affected by the death or status of the owner - More capital can be earned - A corporation is more likely to succeed and develop. There are many successful private companies in Australia, here is an example: North Coast Kerbing Pty Ltd is a successful private company in Queensland owned by Craig Carmichael. The company is located in Townsville and works throughout the state. North Coast Curbs specialize in civil kerbing http://www.northcoastkerbing.com.au/