Business has many Structures according to its condition they are totally Different to each other. Different Business Structures are as follows.
When we look at the Different Business Structures there are many Advantages and Disadvantages are present in which some Advantages and Disadvantages are very important these important Advantages and Disadvantages of Different Business Structure are given below.
Sole Trader Advantages
The main Advantages of Sole Trader are as follows
Cheap and easy to start.
All the profit is yours.
You do all the work.
You are your own boss.
Low cost of entry - no company set-up costs.
Easy to set up - it's only you.
Few legal costs.
Only one tax return required - cheaper accounting fees.
No registration of name required (if Trading under your own name).
The main Disadvantages of Sole Trader are as follows
You have NO limited liability.
All the risk is yours.
Do you have all the skills?
What about sickness and holidays?
Personally liable for business debts.
When you die, the business dies.
Cannot split income out to other family members to reduce tax.
Limited access to business finance.
Private Limited Company Advantages
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Advantages and Disadvantages - Sole Trader Advantages - Sole Trader Disadvantages
PRIVATE LIMITED COMPANY ADVANTAGES
IMPORTANT ELEMENTS OF EMPLOYMENT
