This means that the business is not legally separate from its owner. Advantages.

Bus105 Being sole trader, however it is difficult to raise capital since only one person contributes money. Advantages of being a sole trader: This means that the business is not legally separate from its owner. These can include associations with employees, agents, lenders (such as a bank) and trade creditors.

Sole Trader The Internet has given humans more freedom than ever, because the internet is not a sole proprietorship, the government does not manage the internet, but the internet is managed by the users. One advantage of a sole proprietorship is that compared to the other forms of ownership, there are minimal cost and paper work involved with forming it (Kelly & Williams 2017). BUSINESS PROSPECTS OF “THE THUNKER” 2

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They have unlimited liability. Disadvantages: Losses are not shared. On the other hand, sole proprietorships can be risky as well because nothing is divided between the owner and the business. Sole Proprietorship Essay Recognizing a sole proprietorship business. Glos and Baker write that "A sole proprietorship is a business owned by one person who is entitled to all of its profits," and Reed and Conover say "The single or the sole proprietorship is a business owned and controlled by one man even though he may have many other persons working for him." The business may rely on the ability and drive of one person. Hardly any legal formalities are required to start.

Lack of continuity Unlimited liability The owner is in sole charge – can make whatever changes they want a business nearly always needs some capital to start trading Sole traders do not have a separate legal existence from their owner. 5- THERE IS NO #5 When it comes to organizing in a filing cabinet or a drawer, things get sloppy and you have to reorganize them again. NI contributions are low This depends on the business needs, the financial resources that it have, how much financial liability can it afford, how easily can it be formed and an important criteria are the strengths and weaknesses that the business have in comparison with other businesses in the same industry. If the business does very badly and has lots of debts, as a sole trader you must pay off these debts even if it means selling all your possessions, like a car Liability-

6 The hotel was originally operated by Roger who was a sole trader. Researching on the internet is another big aspect to the internet and the computer. This is a severe problem for many sole proprietorships. Sole Proprietorship 1. Control- a newsagent's shop. With the internet being around for nearly a quarter of a century, it has changed in both the private and business sector. Internet teaches the world and people how to do things in better ways than normal. Consequently, the sole proprietor is not safe from liabilities incurred by the entity. Although, a Private Limited Company has many advantages over a sole trader, there are also a few disadvantages.

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