From a point of view the sole trade appears successful .but certain other issues make it seemed unsuccessful .evaluate this statement
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Answer:
A sole proprietorship is a business owned one person, who has full control of the business and how it is run. They also own all the assets of the business and any profit that it makes. In the same vein, they are also responsible for all the debts and liabilities the business accrues. A sole trader is expected to register as self employed with HM Revenue & Customs and will be required to submit an annual self assessment, but generally speaking their accounting requirements are less onerous than those of a limited company.
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
Explanation:
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