Sole Trader

• What is a sole trader?

  • A business which is owned by one person
  • They may have employees and are usually start-up or small business
• What are the advantages of a sole trader?

  • be their own boss
  • keep all the profits
  • easy to set up
  • full privacy
  • can be low start up cost
• What are the disadvantages?

  • unlimited liability
  • may not have all the skills needed to handle all aspects and areas of the business
  • making all decisions can be stressful
  • can be difficult to raise finances
  • heavy workload