Ch3 Sole Traders - AO3

Question 1

Advantages of being a sole trader (5)

Answer 1

• owner keeps all profit
• Independent
• Simple to set up, no legal requirements
• flexibility, can adapt change quickly
• can offer a personal service

Question 2

Disadvantages of being a sole trader (5)

Answer 2

• have unlimited liability
• May struggle to raise finances
• Independence may be overwhelming
• Long hours
• lack of continuity