Sole Traders - Pro's and Con's

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  • Created by: tayloruk
  • Created on: 14-02-18 10:54

Sole Traders - Pro's and Con's

Advantages

  • Super easy to set-up.
  • You are the boss of your work.
  • You can only decide what happens to the profit.

Disadvantages

  • You mostly have to work long hours, with very few holidays.
  • As a sole trader you have unlimited liability.
  • Sole traders are unincorporated, meaning the owner isn't legally separate from the business.

Evaluation

Sole Traders can be a good idea if you are looking to be more independent and having full control over where the profit goes, however there are risks involved with being a Sole Trader, these are mainly to do with law and the length of hours you will have to work.

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