Business: Section 1 (Sole Traders)

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Business: Section 1 (Sole Traders)

Advantages

  • Dead easy to set up
  • You get to be your own boss
  • You alone decide what happens to profits

Disadvantages

  • Have to work long hours , very little holidays too.
  • UNLIMITED LIABILITY , have to sell everything you own to pay debts.

Evaluation

Most small businesses are sole traders. You don't need to do anything except start trading. Examples : Plumbers , hairdressers , newsagents and fishmongers.

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