explain the advantaes of the sole trade
Answers
Answer:
The main benefit of being a sole trader is that you are your own boss and you can dictate the direction of the business. As a self-employed sole trader, you will be able to run your business as you wish. ... A sole trader has more freedom with decision making compared to a partnership structure, for example.
Advantages of a sole trader
Sole traders benefit from the following advantages:
Control – Sole traders maintain full control of their business. Running it how they please without the interference of others.
Profit retention – Sole traders retain all the profits of their business.
Private data – Information about sole traders is kept private, unlike that of limited companies which is necessarily made public after registration with Companies House.
Specialist – Often a small business, sole traders can offer a more personal service with local roots and ties. This can be more appealing to potential customers in the local community.
Personal – Because there is no need to confer with other decision makers, sole traders can make decisions quickly and act on them swiftly, providing for the needs of their customers.
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