Advantages of being a Sole Trader: Easy and cheap to set up, Owner has complete control to make all the decisions, Keeps all the profits, Disadvantages of being a Sole Trader: Difficult to raise finance, If business goes bankrupt owner is liable for all debts and may lose personal possessions, No one to share responsibilities with, Difficult to take holidays – no one to take over,

Sole Trader Revision Starter

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