Sole Traders are personally liable for any buisness debts.
Sole Traders have complete control of the business which can make decision making much faster.
A Soletrader has to make all of the decisions and ensure that the business is run well alone.
The firms are usually small, and easy to set up.
The wage bill will usually be low, because there a few or no employees.
The sole trader has no one to share the responsibility of running the business with. A good hairdresser, for example, may not be very good at handling the accounts.
Sole traders often work long hours and find it difficult to take holidays, or time off if they are ill.
Comments
Report