Forms of business association (single trade)

Forms of business association: (1) Single business (2) Partnership (3) Joint shoulder division (4) Co-operative Societies Q: What is a single trade? Explain its features and pros and cons. Sole Trade: Individual trade or individual trade is the earliest form of business organization, hence the practice of organizing business in a specific way. In a single trading system, a single person performs all the tasks required to raise capital, conduct business and take risks in the business. Such a person is called Sole Trade and the business started by such a person is called 'Sole Trade'. When the efforts and hard work of a single person lead to the organization of a business, that method is called individual trade or individual trade. Only one person is responsible for the profits or losses incurred in this trade. The business can start or close at any time. According to Lewis Huney - "A business is when a single person is the head of the business and is responsible for all t...