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.
Lord Sugar is a famous sole trader in the UK.
Sole proprietor
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
No.
a sole trader enterprise is a business own, operate and control by one person.
Advantages of being a sole trader include you being in complete control. You do not have to answer to anyone. You get to keep all of the profits to yourself. Disadvantages include you being on your own. You have all of the responsibility.
disadvantages are that a sole trader has to do all the bookkeeping, he has to run the business on his own, the business cannot be continued if the owner dies or retires
if the owner of the business ill or goes on holiday they will lose profits
Sole trader it means Sole trade agence?
Sole trader it means Sole trade agence?
Sole trader it means Sole trade agence?
a sole trader has a limited liability. :)
advantages of a sole trader
Yes body shop is a sole trader.
Lord Sugar is a famous sole trader in the UK.
Sole proprietor
A sole trader can employ as may people as is necessary