Managing People & Organisations

Sole trader is where a business is run as an individual; so that all profits are their own after tax has been paid on them. Within a sole trader organisation it is possible to employ staff, as the sole trader only means that you own the business personally and do not actually have to work by yourself.

Corporate Governance and laws or regulations related to it affect both the private and the public sector in the UK. There are key differences and similarities in their corporate governance practice and can affect how businesses run under governance codes which they must follow. The UK corporate governance code affects the private sector and focuses on Leadership, Effectiveness, Accountability, Remuneration, Relations with shareholders. The public sector has Accounts and Audit Regulations among others to follow which has its own rules and regulations which are legally required.

This following will outline my personal leadership practices and potential future leadership. To analyze my leadership qualities I will use the Seven Habits Profile and a leadership theory to determine my strengths, weaknesses, and areas of opportunity for improvement. In conclusion, I will determine the best recommendations for long-term improvement as well as SMART goals, or short-term courses of action, for leadership improvement.

* The control of the corporation is managed by an elected board of directors. The officers in the company normally have to be approved by the board of directors before they are offered a position to lead the company.

Sole Proprietorship: This is a type of business is where the business and the owner are one in

Sole Proprietorship: A type of business that is owned by and run by one person with no legal difference between the business and the owner. It is easy to form with no cost or time to initiate. It gives the owner the ability to self-govern the business. There are drawbacks; only one owner can be established not allowing a partner. Also, unlimited liability puts the owner’s personal assets in jeopardy with the creditors.

Recommendations for managers who demand to be leaders are to appearance compassion. To be a leader a person needs to see the world as an opportunity to change. They need to accept the employees ' dilemmas. Respect the assessment of the advisers and accomplish decisions that will be acceptable not only for them but the

Sole proprietorship is a business organization operated by one owner. For example, you start a landscaping business by yourself.

sole trader- is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and

Sole trader-it’s a business that is owned by only one person and it can have one or more employees. This type of business organization often succeeds because the owner has total control of businees, the owner keeps all profit and it’s cheap to start-up,but also it can be difficult to raise financial,it may be difficult to specialise or enjoy economies of scale and can also have problems with continuity if sole trader retires or dies.

Is the most common business type, where the business is operated and owned by a single individual. In this type of business, the sole proprietor provides capital, does not share profit or loss and runs the business alone. As such, the business and the owner are indistinguishable for tax and legal purposes (Dlabay, 2011). To differentiate this business from other business types, a sole proprietorship is discussed under the following characteristics.

The Government- It includes Legislature and passing of laws to organisations like Asda. Asda need to use important legal information from the Government to help run the business successfully and legally. For example if a company had over 500 employees that were being paid the minimum hourly rate as enforced by the Government and the rate changes then the company needs to take this information on board and increase the wages for the staff. The government also pass laws that make them aware of certain laws that have been passed like the underage employment and the Corporation Tax.

Up Arrow Callout: Public Limited Company (plc) What is a Sole-trader? (Builder/local shops/hairdresser) Sole-traders are individuals who own and operate their own businesses.

The legal structure for public sector is that the company should act wisely so that the shareholders get the best out of it. They need to hold the trading certificate in order to share capital or the stocks. The owner of the company can make as much profit as he like but need to share that profit with a reasonable price with the shareholder.

Sole traders have unlimited liabilities,meaning that in terms of law there is no separation between them,hence the sole trader is also liable for the debts incurred within the business, which makes it very risky to run for a long-term.