Sole trader

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  • Sole trader
    • The wage bill will usually be low
    • The firms are usually small, and easy to set up.
    • Only a small amount of capital needs to be invested
    • It is easier to keep overall control
    • The sole trader has no one to share the responsibility of running the business with.
    • Quick to set up
    • Sole traders often work long hours and find it difficult to take holidays, or time off if they are ill.
    • Developing the business is limited
    • There is also the risk of unlimited liability, where the sole trader can be forced to sell personal assets to cover any business debts.
    • It is easy to set up
    • All profits go to you
    • You can choose your hours
    • You can go on holiday when you want


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