hlo guys....what is the features of sole trading concern?
Answers
Answer:
Sole trading concern has liability which is not limited to the property of a business. Sole management and control: In these form of business, owner and manager are same. The owner himself/herself is directly involved in business activities and manages the business affairs.
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5. Flexibility
Sole trader enjoys maximum flexibility. He can take right decision at the right time depending upon the situation. At any time, he need not have to consult with anyone because he is a single owner of his business.
6. No sharing of profit and losses
There is a direct relationship between efforts and rewards. This results in best possible efforts on the part of sole trader. Therefore, he can enjoy all the profits of his business.
7. Legal status
Legally, the sole trader and his business concern are one and the same in the eyes of law. The sole trader and his business cannot be separated from each other. So the sole trader lacks legal status.
