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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.
What else can I help you with?
Famous sole trader companies?
Lord Sugar is a famous sole trader in the UK.
What is a sole trader organization?
Sole proprietor
Characteristic 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
Is Guinness a sole trader?
No.
How do you define sole trader enterprises?
a sole trader enterprise is a business own, operate and control by one person.
Advantages and disadvantages of being a sole trader?
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 of sole traders?
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
Disadvantages of being a sole trader?
if the owner of the business ill or goes on holiday they will lose profits
What is a function of the sole trader?
Sole trader it means Sole trade agence?
What is the function of sole trader?
Sole trader it means Sole trade agence?
What is a function of a sole trader?
Sole trader it means Sole trade agence?
How do you set up a sole trader?
advantages of a sole trader
What is the liability of sole trader?
a sole trader has a limited liability. :)
Is body shop a sole trader?
Yes body shop is a sole trader.
Famous sole trader companies?
Lord Sugar is a famous sole trader in the UK.
What is a sole trader organization?
Sole proprietor
How many people does a sole trader employ?
A sole trader can employ as may people as is necessary
