Sole trader
- Created by: mattisrenee
- Created on: 20-01-15 13:49
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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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