The Pros and Cons of Being a Sole Trader Essay

| It is impossible to add additional owners and to pass on business, business dies with owner. A single owner

Sole trader is where a business is run as an individual; so that all profits are their own after tax has been paid on them. Within a sole trader organisation it is possible to employ staff, as the sole trader only means that you own the business personally and do not actually have to work by yourself.

▪Jennings asks too much of his employees sometimes. He will ask them to do things that are not in their job descriptions; such as get him coffee and pick up his dry cleaning.

Sole Proprietorship: A type of business that is owned by and run by one person with no legal difference between the business and the owner. It is easy to form with no cost or time to initiate. It gives the owner the ability to self-govern the business. There are drawbacks; only one owner can be established not allowing a partner. Also, unlimited liability puts the owner’s personal assets in jeopardy with the creditors.

knows that his job is to look for the benefits of the company. As like the president

He is a very dedicated and hardworking individual with a lot on his plate. He is responsible for the store systems team which entails of implementing, maintenance and updating the Point of sales in all brick and mortar stores. He is also in charge of the I.T helpdesk for store support. This team oversees working with the I.T aspects of new store openings, ensuring that all register computers, internet and programs are in working use, ready for the store personnel to use. This team also provides quick resolutions for any I.T issues and well as maintenance and updating of computer systems, programs and hardware in all stores.

With the company and personal goals help live up both standard and satisfaction. With goals and success, they started with the work environment. With vast amounts of work that comes through the doors. With the vast amount of paperwork that comes in. His duty is to stay organize, support his staff, and provide direction in the workplace. Bill has to measure company and employees work to make sure they are doing their work efficiently. With measuring performance of employees by comparing the company standard and compare to other

He challenges the employees and encourages them and creates a dynamic environment which motivates them to always work hard. (Dreamforce 2012) He believes to never second guess the person he delegate and the importance of the freedom to make mistakes. He wants to motivate them to be entrepreneurial and ready for their next venture.

he thinks that he has to get his moneys worth for his work. The ways

When it comes to planning he has weekly meetings held on a Tuesday with the other managers. This is when they discuss the prior week’s sales, goals, restaurant issues, and any other issues

Sole trader-it’s a business that is owned by only one person and it can have one or more employees. This type of business organization often succeeds because the owner has total control of businees, the owner keeps all profit and it’s cheap to start-up,but also it can be difficult to raise financial,it may be difficult to specialise or enjoy economies of scale and can also have problems with continuity if sole trader retires or dies.

Up Arrow Callout: Public Limited Company (plc) What is a Sole-trader? (Builder/local shops/hairdresser) Sole-traders are individuals who own and operate their own businesses.

He will need to communicate to them all as to how the restructuring will be done so that they all understand. They will need to know how this will affect the jobs they are doing.

A Sole Proprietorship is a business owned and ran by one individual. Sole Proprietorships are unincorporated. There is no legal difference between the business and the

Sole traders have unlimited liabilities,meaning that in terms of law there is no separation between them,hence the sole trader is also liable for the debts incurred within the business, which makes it very risky to run for a long-term.