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