... into practice, the public sectors don't have shareholders but are financially supported through tax or the contribution of the public. What each of the following terms mean and giving examples of each from the Travel and Tourism industry. *Sole Traders- These are business organisations owned and controlled by one person profit is the main measure of the business and their aim is to provide service to the public and making profit they responsible for decisions within their own businesses although they may employ other people the main disadvantage of being sole trader is that the law makes no distinction between the assets and liabilities of the business and those of its owners. This means that if the business is forced into liquidation the proprietor has to settle all outstanding debts from his or her own finances this may in turn lead to personal bankruptcy this also applies to partnership. Examples of sole ...

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