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Kens Work

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Submitted By SSJ27
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Format of the business
For my business I will be a sole trader of my business. This means I’m personally responsible for every decision which gets made for the business; from organising the cleaners to clean premises to managing all the accounts. I would rather be a sole trader than a partnership because it means I get to make all the decisions by myself, I get to work independently, I will control all financial records and the amount of profit made and I will make all the final decisions which are best for my business.
With being a Partnership, this means I will have to work with someone else, and I would rather work independently, because I think I would get more work done by myself. If I was to work with my partner, we may disagree on many things and contribution will not be equal. Also, all the profits made will have to be shared and all the decisions will be made slower which affect the business.
The benefits of being a sole trader, is that it’s easy for me to set up, after paying tax, all the profit will be mine. I will be able to maintain full control of my business, I can trade under my own name without needing permission and keeping records of all my data is simple.
The issues of being a sole trader are if I’m ill or I’m on holiday I will get no income. To be a sole trader I still need to have business skills and another issue of being a sole trader is that I will be personally responsible for paying all the debts that I get my business into otherwise my business will be declared

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