other parties while making his own managerial decisions.
             The sole trader needs to submit a PSE1 form to the central government within three months of his operation, as this document has to be registered with the Inland Revenue for taxation and the National Contributions Agency for registration of national insurance transactions. If the sole trader misses the deadline for the registration of the PSE1 form the relevant authorities can fine him.
             Furthermore sole traders have to submit their accounting transactions in form of a standard annual financial reporting sheet to the Inland Revenue (possible now via the Internet). It is important to mention that the artist manager has to use his own name in print on formal documents, e.g. invoices.
             As mentioned the main advantage of this form of business is that the manager does not have to share his profits and has the freedom to make all the relevant management decisions. On the other hand he is fully liable for any financial implications that might arise, e.g. court case settlements.
             It is also important to mention that it might be very difficult to raise higher amounts of finance as a sole trader, because of lack of credibility of this form of business operation. And should the artist manager die having an accident, the business could not continue its operation.
             If the artist manager is already a solicitor or accountant, he might not have a different choice when setting up his management company, because certain rules can prevent additional company formation.
             As partnerships can consist of two or more people, the financial risks and responsibilities are shared with all the partners involved. Partnerships are not legally separated from their own as for example limited companies, which will be discussed later. So partnerships cannot, for example, own buildings.
             Partnerships are covered by the United Kingdom Partnership Act and again need to inform the relevant authorities by usin...