sole trader
- Created by: abdul waheed shaikh
- Created on: 10-03-13 10:54
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- Sole Traders
- Advantages
- easy to set up-no legal formalities
- owner has complete control
- owner keeps all profit
- able to chose time and work pattern for working
- able to establish close personal relationship with staff and customers
- business can be based on the interest or skills of the owner
- Disadvantages
- unlimited liability- owners assets potentially at risk
- business often faces intense competition from bigger firms
- owners not necessarily espacialised in important areas of a business
- difficult to raise additional capital
- long hours of work to make business pay
- lack of continuity-since no legal status,business dies as the owner dies
- Advantages
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