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at the conclusion of this lecture you will be able to distinguish between sole traders partnerships and companies you will understand the meaning and effect of limited liability you will analyze different types of companies illustrate the effect of separate personality and the veil of incorporation and recognize instances where separate personality will be ignored a sole trader describes any business that is owned and controlled by one person although they may employ workers for example a bakery individuals who provide a specialist service like hairdressers plumbers or photographers are also sole traders sole traders do not have a separate legal existence from their owner as a result the owners are personally liable for the firms debts and may have to pay them out of their own pocket this is called unlimited liability the advantages of a sole trader are the firms are usually small and easy to set up generally only a small amount of capital needs to be invested which reduces the initia