Are local hair salons a soletrader or a Limited Private Company?

And if you can explain why that would be relli helpful....THANKS =)Are local hair salons a soletrader or a Limited Private Company?
Let me explain the key differences....





If the hair salon is a sole trader then that salon is the personal property of its owner. All money in the till, all money owed to it and all money it owes are one and the same as its owner.





If the hair salon is a private limited company (note that PLC is public limited company- ie shares publicly traded) then all of this money belongs to the company, with a separation between it and its owner.





Around 50% of salons will be limited companies. If a limited company is too small and with few assets it is extremely difficult to get any sort of credit (i.e. trading accounts or loans) which can stifle the business.Are local hair salons a soletrader or a Limited Private Company?
If only one person owns the company they would be a sole trader.





Although 9 times out of 10 it wouls be a Limited Private Compnay (PLC)
i take GCSE business studies, im in year 11 and doing the coursework.. and i have no clue. x

revlon color