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Unit 36 - Regulations

In: Business and Management

Submitted By Danieelius
Words 2487
Pages 10
The ownership of my business is a sole trader which will be run be one person who is liable for everything to do with the business. The advantages of being a sole trader is that its is a small business so less money is required, quick decisions can be made without having to consult others, all profits are kept to one person and financial information can be kept private. The disadvantages of being a sole trader can be If the owner becomes ill or goes on holiday the business may suffer as they are not there to control the business, they may have work very long hours, prices are often higher than larger organizations, money may be difficult to raise as many banks and other lending institutions are reluctant to lend to sole traders because they have a higher rate of bankruptcy and they have complete responsibility for all the debts of the business. This is called unlimited liability. This means the owner might lose all of their personal possessions if they cannot pay the debts of the business.

Advantages of being sole-trader • The business can be easy to setup
• Independence in decision making
• Minimum of paperwork
• The sole trader may have flexible working hours
• Knowing customers helps to avoid bad debts

Disadvantages of being sole-trader

• Unlimited liability means the owner is responsible for all debts
• Long working hours
• In case of illness the business is closed and makes no money
• Difficult to raise capital for start up or to expand business

The key legal aspect is liability, which means I as the owner of the business will have legal responsibility for the actions and the finance of the business itself. Because I choose to be sole-trader I will be fully responsible for the debts of the business and its actions.

Trading terms and conditions
As I’m going to sell product I have to set clear terms on which the product

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