your own boss.
enjoyall the profits.
faster decision making.
its flexible,meaning you can change your operations quickly.
confidential.the sole trader can keep his secrets that enable him to be above the competitors in the market.
requires less capital to start.
there are few legal formalities during formation .only registration by the registrar.
can employ the services of family members..
the characterististics of a sole trader are: -unlimited liablitity -only one person controls the business which is called the sole trader - financial infomration is only visible for the owner of the business - the sole trader can keep all profit made by the business - it is a unicorporated business
1. unlimited liability- if debt should occur from poor activity of the business the sole trader is responsible for paying it off with their own money, which could result in selling personal belongings. 2. sole trader is 1 person owning and running the business, although they may specialize in what they do e.g. hairdressing, they may not be able to deal with the financial side of running the business. 3. being a sole trader can result in working long hours and can find it hard to take time off when ill or for holidays.
Sole trader case study will reveal how this type business is conducted. This is a business which is owned by one person and is commonly referred to a sole proprietorship.
a sole trader enterprise is a business own, operate and control by one person.
A Sole Trader or an Partnership
advantages of a sole trader
the characterististics of a sole trader are: -unlimited liablitity -only one person controls the business which is called the sole trader - financial infomration is only visible for the owner of the business - the sole trader can keep all profit made by the business - it is a unicorporated business
Sole trader owns the business solely. It order to make the business survive he needs employees for his business. That means sole trader provides employment to society.
1. unlimited liability- if debt should occur from poor activity of the business the sole trader is responsible for paying it off with their own money, which could result in selling personal belongings. 2. sole trader is 1 person owning and running the business, although they may specialize in what they do e.g. hairdressing, they may not be able to deal with the financial side of running the business. 3. being a sole trader can result in working long hours and can find it hard to take time off when ill or for holidays.
Sole trader case study will reveal how this type business is conducted. This is a business which is owned by one person and is commonly referred to a sole proprietorship.
a sole trader enterprise is a business own, operate and control by one person.
The main advantages of setting up as a sole trader are:Total control of the business by the owner.Cheap and easy to start up - few forms to fill in and to start trading the sole trader does not need to employ any specialist services, other than setting up a bank account and informing the tax offices.Keep all the profit - as the owner, all the profit belongs to the sole trader.Business affairs are private - competitors cannot see what you are earning, so will know less about how the business works and how it succeeds.
ice
A Sole Trader or an Partnership
it is not easy for a sole trader to get a loan so easily as the business is new and the bank ownt know if the sole trader will be able to repay the loan.
sole A sole-trader.
All assets of the business belongs to the owner