Sole trader is a person conducting his or her own business of goods or services . A sole trader is also known as a sole proprietor, business man or the owner of the business. It is mostly considered as a simple, flexible, and easiest to start since it can be small scale business mostly and can be conducted at the owner’s house or even in a van. One among the examples of a sole trader includes independent contractors, fruit vendor, tailor, cobbler a few to mention.
Business is trade or a commercial transaction or engagement . It is any undertaking be it production of goods or services with the aim of making profit.
Most things or activities have their advantages and disadvantages on the other side. This paper will talk about the advantages of a sole trade business or sole proprietorship. The advantages of sole business include the following herein under;
Capital required for starting a sole trade in little and not huge capital, this involves the money needed to start up a sole trade business whereas one requires to have a little amount of money in relation to the kind of small business he/she wants to set up example when one wants to do sole trade on selling fruits or bites the capital required is not the same as the one who wants to open a company because a company has a lot to be done including the building,registration,buying company facilities thus needs a huge capital. Moreover all financial issues in relatioing to decision making the owner does the decision making since he has the right to make decision in relation to his business. He needs not to do any consultations nor call a board meeting of directors nor does he need to adhere to the legal obligations relating to decision making as compared to other forms of business. But decisions concerning the betterment of the business including hiring and firing individuals are all made by the owner alone and it does not take time .
Business is aimed to make profit hence all the profit acquired in the sole trade business is consumed or enjoyed by the sole trader as he/ she has the right over the business hence he is entitled to get all the profit that the business is generating, unlike partnership where the profit gained is divided among the partners forming the business or in companies where by many different people have shares each person owning shares is entitled to get a portion of the profit that the company is generating in relation to the amount of shares he owns in the company.
Privacy is another advantage of sole trade business where as the business information is of secret nature, is known by few or known only by the owner of the business compared to other forms of business like companies where as they are require to publicize their information such as on the issues of registration, bankruptcy or even announcing their profit or dividends.
In sole trade business the sole trader as the owner has full control or unlimited control over the business since the business runs according to the sole trader’s wishes and without interference from other persons as he can decide what and how to run his business. Even if the sole trader decides to employ other persons who would help in conducting the business no one is to question him because he /she have full managerial control over the business .
Sole trade business is a flexible business, where as it is easy to change the business structure if at all your business grows and you want to expand it to a different form of business or maybe if you wish to wind things up or even be transferred, it is easy compared to big scale business such as companies or partnership form of business . As in the case of Vernon v Schuster,d/b/a “ Diversity Heating and Plumbing ” where the business change after Jerry Schuster inherited it from his late father James Schuster.
In this case the issue was to whether Jerry Schuster is liable for the warranty made by hi father, the Illinois Supreme Court held that “Jerry Schuster as a sole proprietor and was not liable for the warranty previously made by his father who was also a sole proprietor.” Therefore it can be said that the previous business and its formalities died along with Jerry’s father Mr. James Schuster and the current business is a new business owned by a different person (owner) that is to signify changes in the business too.
Furthermore sole trade business requires no formalities in creating it and no state government approval is required though one may be needed to obtain a license or register his business if at all he is using a trade name and not his original name. For instance one who wants to do business of selling groundnuts he needs not to seek approval from the government though he should conduct business that is legal and inconformity with the state’s laws without causing any harm.
Most things such as business do have their advantages and disadvantages, in relation to the above advantages of the sole trade form of doing business I advice my client to do sole trade business though the main disadvantage of this kind of business is that the liability of the business with directly be connected to him therefore in running sole trade business he should be careful not to have a lot of liabilities which will cause a dead end to his business.
And considering the fact that he will or he is the owner of the business he should be ready in terms of business management ,capital , who to involve what should be done and avoid any unnecessary issues that can become setbacks in his business as a sole trader.

REFFERENCES.n to the business all depend on the personal financial situation of the own .
On issues relat
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