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The document discusses different types of business organizations and focuses on sole proprietorships. It notes that a sole proprietorship is an unincorporated business owned by one individual, who has sole responsibility for decisions and profits/losses. Some advantages are low costs, full control, and flexibility to change structures. However, sole proprietors have unlimited liability, limited capital raising ability, and retaining employees can be difficult. An example of a sole proprietorship in Jamaica is Totally Delicious owned by Mr. Lloyd Lawrence.

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monilanicholson1234
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20 views

Script

The document discusses different types of business organizations and focuses on sole proprietorships. It notes that a sole proprietorship is an unincorporated business owned by one individual, who has sole responsibility for decisions and profits/losses. Some advantages are low costs, full control, and flexibility to change structures. However, sole proprietors have unlimited liability, limited capital raising ability, and retaining employees can be difficult. An example of a sole proprietorship in Jamaica is Totally Delicious owned by Mr. Lloyd Lawrence.

Uploaded by

monilanicholson1234
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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SCRIPT

CHARACTERS
Allison – Miss Robinson
Kimora
Tianna
Monila

SCENE 1
Allison – Okay so I’ve finished college and high school and I
still don’t know how to start a business, or firstly what is
best for me a partnership or a sole proprietorship.

*TELEVISION TURNS ON*

Kimora – Are you young with a great mind and want to start
your business, but do not know how? Well you have come to
the right place.

Tianna – Yes there are different types of business


organizations. You have:

1. Local Government
2. Sole proprietorship
3. Companies
4. Multinational
5. Franchise
6. Private Limited Companies
7. Cooperatives
8. Partnership
9. Public Limited Companies

Monila – Let us zoom in more on the Sole proprietorship


also known as sole trader. Sole proprietorship is an
unincorporated business that is owned by one individual. It
is the simplest kind of business structure. The owner of a
sole proprietorship has sole responsibility for making
decisions, receives all the profits, claims all losses, and does
not have separate legal status from the business.

Kimora – Yes the formation of the Sole trader business is


started by the initiative of a single person. He prepares the
blueprints of the business and arranges the necessary
finance. No legal formalities are required in the formation of
sole proprietorship. Any individual can start a business
whenever and wherever they like. A sole trader business
must register for a self-assessment tax return.
Tianna – Some Characteristics of a sole trader are that.
1. It gives you full control of your assets and business
decisions.
2. It requires fewer reporting requirements and is
generally a low-cost structure.
3. Unlimited liability. Sole traders assume full legal
responsibility for all business debts.
4. Minimal admin and filing requirements. There’s little
paperwork involved with operating as a sole trader.
5. As a sole trader, you have sole ownership and full
control over your business.

Monila – If you choose Sole trader then you are at an


advantage for.
1. You’re the boss.
2. You keep all the profits.
3. Start-up costs are low.
4. You have maximum privacy.
5. Establishing and operating your business is simple.
6. It’s easy to change your legal structure later if
circumstances change you can easily wind up your
business.
Kimora – And some disadvantages are that:
1. You have unlimited liability for debts as there’s no
legal distinction between private and business assets
2. Your capacity to raise capital is limited
3. All the responsibility for making day-to-day business
decisions is yours
4. Retaining employees can be difficult
5. It can be hard to take holidays
6. You’re taxed as a single person the life of the business
is limited.

Tianna – An example of a good sole trading company here in


Jamaica. Totally Delicious is a business owned by Mr. Lloyd
Lawrence.

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