3.3.2 Key characteristics of being a sole trader

In general terms, some of the key characteristics of being a sole trader are that:

  • you ‘own’ the business; strictly, you own the property of the business, and have a variety of other legal capacities. In a more general sense, we can say that the wealth represented by the business is yours; in other words, you are entitled to all the capital of the business.

  • you make the decisions which affect the nature and running of the business.
    Author(s): The Open University

    License information
    Related content

    Copyright © 2016 The Open University

3.2.1 What is a sole trader?

If you were to set up a newsagency business on your own as described in Activity 2, you would be a sole trader. Often this is described as being ‘self-employed’. You would be the ‘owner’ of the business. Whilst other people might be involved in your business (for example, as employees or suppliers), it would nevertheless be your business.

<
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

3.2 Forms of business organisation, or ‘business mediums’

If you were to carry on the business described in Activity 2, you would be carrying on business on your own. You would be what is called a ‘sole trader’. We will look at the consequences of being a sole trader in a little bit more detail in this section.

However, not all businesses are run by sole traders. There are several different ways in
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

2.5 Review of learning outcomes

Decide for yourself, by working through the table below, whether you have satisfied the learning outcomes for Part A.

I am confident that I have a sufficiently comprehensive understanding to enable me to move on.I am sufficiently confident in my understanding to enable me to move on, but I am aware that I need to revisit the material later.I
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

2.4What is ‘capital’?

Before we move on to look at the different types of business organisation, we will introduce one more concept. It is the concept of capital. It has, historically, been a very important concept in company law. But it is a concept not limited to company law. The next activity will allow you to reflect on your own ideas of what ‘capital’ means, without you needing to have any prior legal knowledge, or, for that matter, knowledge of any other discipline.

Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

1.1 ‘Company law’

Before embarking on this course, it is important to take some time to think about the implications of its title: Company law in context. In particular, what constitutes ‘company law’, and what is the context in which we are thinking about it?

At this point, you might like to pause for a moment and contemplate what this phrase means to you. In particular, what do you understand by the concept of a ‘company’?

At first, this may seem like a ludicrously straightforward questio
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

Keep on learning

Study another free course

There are more than 800 courses on OpenLearn for you to
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

4.2 Effect of the ECHR on English law prior to the Human Rights Act 1998

The Human Rights Act 1998 (HRA) received the Royal Assent on 9 November 1998, and the main provisions were brought into effect on 2 October 2000. However, the UK had by then been a signatory to and had ratified the ECHR for nearly fifty years. What was the effect, if any, of the Convention on UK domestic law? We have already noted the supremacy of Parliament as the main law-making body in the UK. Under English law international treaties do not become part of domestic law unless and until some
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

1 Course overview

This course will look at the concept of rights in their broadest sense:

  • a freedom to do or be protected from something;

  • a claim to do or enjoy something;

  • a power to do something which affects others and not to be challenged over that use of power.

This concept of rights defines the position of an individual and does not consider collective or majority rights. As you may already know, the subject of rights,
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

5.4 Summary of Part D

Table 3 summarises the main aspects of Part D.

Table 3 Types of law and their effects

<
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

5.2 EU primary legislation

In Part B we learned that the different stages in the development of the EU have been marked by the adoption of intergovernmental documents called ‘treaties’. These are the first source of EU law and contain the founding legal acts. They contain the basic provisions and the majority of EU economic law. The treaties also create the decision- and legal rule-making powers of the EU institutions.


Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

Working mathematically
This free course, Working mathematically, is aimed at teachers who wish to review how they go about the practice of teaching mathematics, those who are considering becoming mathematics teachers, or those who are studying mathematics courses and would like to understand more about the teaching and learning process. First published
Author(s): Creator not set

License information
Related content

Except for third party materials and otherwise stated (see http://www.open.ac.uk/conditions terms and conditions), this content is made available under a http://creativecommons.org/licenses/by-nc-sa/2

10 Dividing by big numbers – long division

In the previous sections you saw how to divide a big number by a small number up to 10. Things get harder if you want to do a division where both the numbers are big. This kind of calculation is called long division, probably because you write the steps of the calculation out on paper in a long sequence.

The principle of doing long division is the same as when you divide by a number up to 10. The only difference is that, because the numbers involved in long division are usually too big
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

5.7 The standard deviation

The interquartile range is a useful measure of dispersion in the data and it has the excellent property of not being too sensitive to outlying data values. (That is, it is a resistant measure.) However, like the median it does suffer from the disadvantage that its calculation involves sorting the data. This can be very time-consuming for large samples when a computer is not available to do the calculations. A measure that does not require sorting of the data and, as you will find in later uni
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

5.6 Quartiles and the interquartile range

The first alternative measure of dispersion we shall discuss is the interquartile range: this is the difference between summary measures known as the lower and upper quartiles. The quartiles are simple in concept: if the median is regarded as the middle data point, so that it splits the data in half, the quartiles similarly split the data into quarters. This is, of course, an over-simplification. With an even number of data points, the median is defined to be the average of the middle two: de
Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

5.4.2 Waiting times between geyser eruptions

Figure 20 shows a histogram of waiting times, varying from about 40 minutes to about 110 minutes.

Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

5.4.1 Chest measurements of Scottish soldiers

Figure 19 shows a histogram of chest measurements (in inches) of a sample of 5732 Scottish soldiers.

Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

Try some yourself

Question 1

Find the volumes of these objects.

Author(s): The Open University

License information
Related content

Copyright © 2016 The Open University

Try some yourself

Question 1

Find the area of a circle of (a) radius 8 cm, and (b) radius 15 m.

Answer

Type of lawEffect