Advantages Disadvantages of Being a Sole Trader?


A sole trader is a person who starts the business and runs it on his own, taking all the responsibilities, losses and profits alone. The advantages of a sole trader include the sole trader enjoys the profits alone and decision making is easy while the disadvantages include the sole trader has unlimited liability and also so many responsibilities to take alone. A sole trader also has unlimited sources of capital.
Q&A Related to "Advantages Disadvantages of Being a Sole Trader..."
Advantages. Choose hours of work. Make your own decisions. All the profit made is your own. Claim expenses and certain costs (car, phone, some entertainment) against tax. Disadvantages
A sole trader operates a business by himself/herself and may use money from his friends and relatives for the purpose. This form of business has the following strengths and weaknesses
Advantages of a sole trader are: 1. Quick decision making: 2. Confidentiality of information 3. Direct incentive 4. Sense of accomplishment 5. Ease of formation and closure: 6. having
By its definition, a sole-proprietorship is owned by a single individual who is responsible for the long-term decisions and goals of the company. This gives the business two unique
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