Advantages of Self Employment
Advantages of Self EmploymentADVANTAGES OF SELF EMPLOYEMENT
1. Enjos profits alone , a self employed person enjos all the incomes received from the business alone since he/she is the owner of the business ,therefore he/she decides onwhat to do with with the income received from the businessfo his/her self satisfaction without sharing with other individuals.
2.Ease of formation,The start up legal requirement ,formalities ,restrictions are few .Aself employed person needs little or no approval by the government and usually less expensive than other business organizations that their legal requirement are lengthy and expensive.
3. Quick decion making,a self employed one is favoured by quick decision making process since he/she is not tied to long prosidures as in other corporate business ,their decision and controll vested upon them for their effective and efficient management of their businesses.
4.Flexibility,a self management business is able to respond quickly to its need to its daily needs since its decisions are governed bythe owners vorios laws and better sense.
5.Effective and efficient management ,A self employed person enjos the opportuinity to decide on what to is to be done ,who to do it,and at wthat time it should be done .they are not tied to any specific time to organise,control their management activities as there is no supervision involved.
6. Freedom from corporate business taxes,Aself employed persons is taxed as an individual taxpayer and not as a
DISADVANTAGES OF SELF EMPLOYEMENT
1.Unlimited liability,A self employed person is personally responsible for all business debts and suffers alone when the risk accurs,the liabilitiea may extend to allof its assets such as his/her family cars, house,land e.t.c.
2.lack of business continuity,When the owner of a self employed business is subjected to continous iines, life inprisonementor died ,the enterprise may cripple or get terminated hence lacks business contuinity.
3.Lack of enough...