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A sole trader is where an individual who is the sole owner of his/her business, he/she can decide in which way the business is conducted. They receive their own wage/salary, what hours they want to work. Advantages
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??????????????????????????????????????????????????????????????????? ???????????? ?????????????? A sole trader is where an individual who is the sole owner of his/her business, he/she can decide in which way the business is conducted. They receive their own wage/salary, what hours they want to work. Advantages * Cheap& easy to set up * Owners keep all profits * Finical affairs of the business do not have to be displayed, although tax authorities must have access to them. Disadvantages * Unlimited liability * Lack of cover if of sick * Sole owners have to raise all their own capital Summary Being a sole trader you can make changes to your business how you want and when and you have a personal relationship with your customers. Partnership A partnership means to share a business with two or more partners. The partners could be family related, friends or contacts. In this case each partner is liable for any debts taken on by the business. Advantages * With partners you can raise more money...
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