Sole trader

• What is a sole trader?

  Where the business is owned by one owner but can take on staff

  Has unlimited liability and tends to be small
• Three advantages of a sole trader?


  Make decisions quicker

  All profits kept by owner

  Can offer personal attention to customers
• Give three disadvantages of sole trader?

  Difficult to raise money

  Unlimited liability - business can have financial difficulties

  No one to take over for falling ill or going on holiday