TAX ADVANT
-AGES
• Taxed differently eg. NI contributions are lower
• There are no legal fees to set the firm
CONTROL
• The owner is in sole charge – can make whatever changes
they want
• No meetings required to implement these changes
• A business nearly always needs some capital to
start trading
• However, the amount of money needed to set up a
CAPITAL
sole proprietorship is often small
PROFITS
• All the profits of the business are kept by the
owner
• Effort = reward
• The harder the sole trader works, the more
successful the business becomes, more can be
earned