SOLE TRADERS: Benefits of being a sole trader •You may be - TopicsExpress



          

SOLE TRADERS: Benefits of being a sole trader •You may be confused regarding the pros and cons of being a sole trader and it is true there are benefits and side effects of this status; hard work is part of it! But what you will have and probably enjoy is the freedom and independence to run your very own business. •Anyone who has been frustrated after years working for others will appreciate the capacity to take decisions and push business more quickly compared to traditional and/more established firms. •Of course, if you would rather make the switch to a limited company this is very easy to achieve therefore you are not locked into any particular strategy. In addition you don’t need to watch your efforts lining someone else’s pocket as any profits achieved are yours to use as you see fit. •The other interesting benefit is the fact that sole traders, or what might be termed ’unincorporated business’, are not legally obliged to make accounts publicly available. You may wonder why this is a benefit, but it does mean you can keep the workings and success of your business confidential therefore keeping your competitors in the dark. •Finally, there are benefits and in this automated world a sole trader can often develop a much more intimate relationship with customers who give you even more opportunity to offer fantastic customer service and after-care. This is something a sole trader can really develop over time. Disadvantages of being a sole trader •There are always downsides and probably the most significant for a sole trader is being liable for any debts incurred by your business. You are also accountable and therefore should you run into difficulties there is a distinct possibility personal assets could be seized. Fear not, as 123 Accountancy can advise you at the offset and avoid such a situation occurring. •Another disadvantage, which may or may not be appropriate to you, is the fact sole traders who are running unincorporated businesses often find it difficult to convince banks and other financial institutions to offer loans. This should definitely be taken into consideration when you make your decision regarding the status of your new company. After all small traders can experience difficulties regarding economies of scale, yet on the other hand, they are often much more flexible, so we guess it’s swings and roundabouts. •As a consequence of being at the chalk face, as it were, sole traders really get to understand what their customers’ needs are and gaining a good local reputation can be extremely rewarding and can lead to a sole trader becoming a significant part of any community. Some of our clients would never be anything other than a sole trader. What we can do for you It doesn’t matter either whether you are at the planning stage or have already begun trading under the sole trader moniker. Wherever you are we can offer you both sound advice and every kind of accountancy service, which is just right for you. We make every effort to give sole traders a hand over the initial obstacles and ensure accountancy responsibilities are straight forward from the very beginning. AND REMEMBER - 123 ACCOUNTANCY COSTS YOU LESS!
Posted on: Wed, 03 Jul 2013 08:24:08 +0000

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