6916475
Description
Mind Map by Georgie-May Rahim, updated more than 1 year ago
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Created by Georgie-May Rahim
about 9 years ago
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Sole trader
- Disadvantage
- you have unlimited liability for
debts as there's no legal
distinction between private and
business assets.
- your capacity to raise
capital is limited.
- all the responsibility for making
day-to-day business decisions is
yours. retaining high-calibre
employees can be difficult.
- you’re taxed as a single person
- the life of the business is
limited.
- you have unlimited liability for
debts as there's no legal
distinction between private and
business assets.
- Advantages
- you’re the boss
- you keep all the
profits
- it’s easy to change your
legal structure later if
circumstances change
- you can easily wind
up your business
- you’re the boss
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