Sole Traders / Self Employed

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The simplest way to start your business is as a sole trader / self-employed. Alban Accounting & Tax Services Ltd offer you a comprehensive accounting package so you can focus on your business and make money. There are certain advantages and disadvantages of being a sole trader. Some of them are below.

Advantages:

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.

Disadvantages:

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.

Sole Traders / Self Employed

Advantages:

Disadvantages:

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