advantage /merit of sole trading concern
Answers
MERITS
*profits can be used solely by the owner.
*He is the only person to take decisions in the business.
DEMERITS
*the loss incurred must be met by himself
*his personal assets are also held liable if he is unable to meet his liabilities.
ANSWER
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Merits of sole trade are as follows :-
•Easy to start or dissolve :- A sole proprietor ship can be set up easily and quickly know legal formalities and expenditure are involved in the establishment of a proprietorship there is no need to associate others or to enter into an any agreement only licence may be needed in special cases the property can start business operation as and when he Desire similarity a sole proprietorship can be closed down very easily and quickly.
•Independent Control :- The sole proprietor is the supreme judge of all matters pertaining to his business he enjoys complete freedom of action no legal formalities are to be complied with the nobody can interfere in his work.
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