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    Which of these would be a drawback if I want to be a sole trader?
    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


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    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.


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