Sam operates as a sole trader (IOM Solutions) selling electrical parts to local garages. Sam has run the business for eight years. Over the last two years, Sam has found that the business has grown in terms of demand and employees. This has placed a number of pressures on Sam whilst also presenting a number of opportunities. As of October 2018 Sam, has decided to expand the business. However, Sam is not sure of the most appropriate form of business ownership for IOM solutions. Explain to Sam, what types of business organisations are potentially available in terms of reorganising IOM Solutions, and the legal consequences for each option. Ensure you support this explanation with a recommendation of the most suitable organisation type for Sam to choose for IOM Solutions.
