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Sole Trader

Beschreibung

Describing what a sole trader is, the advantages and disadvantages of being a sole trader, the finance that can be available to a sole trader and the objectives a sole trader would have.
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Zusammenfassung der Ressource

Sole Trader
  1. A sole trader is a one-owner business. Most small businesses are sole traders
    1. Advantages
      1. All profits kept by owner
        1. Owner has complete control over all decisions
          1. Owner can choose hours of work/hols
            1. More personal service offered to customers
              1. Very easy to set up
              2. Disadvantages
                1. Owner has unlimited liability
                  1. Available finance is restricted
                    1. Owner has no-one to share decisions/problems with
                      1. Owner has no-one to share workload with
                        1. Work may stop if owner is ill/on hols
                        2. Finance

                          Anlagen:

                          1. Owners savings
                            1. Business's retained profits
                              1. Bank loan
                                1. Bank overdraft
                                  1. Government grants
                                    1. Trade credit
                                      1. Debt factoring
                                      2. Objectives
                                        1. To survive
                                          1. To maximise profits
                                            1. To improve owner's personal status
                                              1. To have a good image in the community
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