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Sole Traders: Advantages and Disadvantages Advantages 1. Requires few formalities to set-up the business 2. Requires only a relatively small amount of capital to start the business 3. decisions can be taken quickly because no-one has to be consulted 4. Easy for the owner to keep overall control of the business 5. The owner is working for him/herself and so has an incentive to make the business work efficiently Disadvantages 1. Unlimited liability - if the business loses money the owner will have to sell his personal assets to pay off business debts 2. The business is likely to collapse if the owner dies 3. The business will expand slowly because one person can do only a limited amount of work 4. A lack of ideas within the business because the owner works in isolation 5. Long hours and few holidays are typical for sole traders 6. Difficult to obtain extra capital for expansion Partnerships: Advantages and Disadvantages Advantages Control of the business can be...

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