- You have complete control over the business and can take decision quickly in regards to every aspect of your business.
- You will have competitive advantage as your business affairs are private and your competitors can see your financial information. Being an unincorporated business your accounts not made available to public.
- When business grows you have option to incorporate your business as limited company
- You can develop good business relationship with your customers and always have closer contact which means you can tailor your services quickly to meet your customer’s demands and expectations.
- You are fully liable for any debts and contracts the business has. If your business fails you may end up losing your personal assets.
- The banks may not lend you for the business as it is difficult to raise finance for sole trader business
- You are perceived as a small business which may affect your growth.
London Accounting and Tax Services offer complete accounting solutions for sole trader/self-employed at low monthly fee.