lone have to provide all the finance (often savings and bank loans) and bear all the risks of the business venture. In return, they have full control of the business and enjoy all the profits. A sole trader faces unlimited liability for his/her debts and it is referred to as an unincorporated business - this means that there is no legal difference between the business and the owner. · A sole trader does not have legal status in its own right. · The owner is responsible for getting the necessary licences and where applicable register for payment of value-added tax (VAT). · The owner has to pay income tax on the net profits, and VAT if the turnover is over the prescribed VAT threshold. The standard rate of VAT is currently 17.5%. · Proper accounting records that show the history of all the financial transactions made by the business must be kept. · For tax purposes a profit and loss account and balance sheet can be submitted, otherwise an income and expenditure statement is enough. · The owner is also responsible for covering all losses, debts and payments to creditors. · The business ceases to exist once the owner decides to sell the business, discontinue operations or if the owner dies. Sector Which The Business Operates The sector in which the business Amman Foods Store operates is the privates sector. According to Heathcote (1998) "Private sector firms are owned by individuals and not by government" One of the main business objectives of Amman Food Store as any other business is the private sector is to make a profit. As well as this another objective in the business, is for a rapidly growing business, that may well be to maximise sales (or sales revenue) and so increase their market share in order to gain a competitive advantage.
             I am now going conduct and analysis of the organisational internal and external environments using SWOT and PEST analytical techniques. SWOT, analysis of f...