View Full Version : Which of these would be a drawback if I want to be a sole trader?

Squirrels Nuts
08-15-2015, 05:01 AM
Which of these would be a drawback if I want to be a sole trader?

1) Accounts have to be audited
2) Personally liable for business debts
3) Complex legislation to be followed
4) Business has to be registered

My own thoughts are
Not number one as accounts for sole trader don't have to be audited as far as I know
Yes number 2 for obvious reasons
Possibly complex legislation but that can also help the business
Having to register isn't a drawback

Can someone help me with this so that I get some other ideas. Thanks

08-06-2017, 11:44 PM
Being a sole trader is hard. You also have to take into account the tax legislations in your state or country. You have to make sure you have your earnings audited and taxed appropriately.

05-31-2019, 06:44 AM
Yes, I agree with Jordanpacker, that you have to follow tax legislations rules according to your country and submitting taxes on a regular basis. First go for the business registration and then follow tax legislations along with keeping the record of small or big transactions as a sole trader.

07-04-2020, 12:21 AM
The sole broker favorable circumstances and weaknesses and how they think about If you somehow managed to shape an association then you would need to share these.

02-04-2021, 01:23 PM
Well, it depends on your perspective. These drawbacks will certainly present a challenge one way or another. - Phillip Elden (http://www.phillipeldenblog.com/)