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Essay

Basic Business Types Explained

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Issue:

Miscellaneous

 

Written by:

Dawn S

 

Date added:

May 18, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

7 / 1908

 

Was viewed:

7092 times

 

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Essay content:

You don't have to seek anyone else's approval before taking any course of action. There is no registration process and no public information available; so unlike a limited company your annual accounts are not available to your competitors. The administrative costs of running as a sole trader are relatively small, you will still need to keep records for Inland Revenue (and also for VAT if you are VAT registered?), but there are no other legal requirements...
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You don't have to seek anyone else's approval before taking any course of action. There is no registration process and no public information available; so unlike a limited company your annual accounts are not available to your competitors. The administrative costs of running as a sole trader are relatively small, you will still need to keep records for Inland Revenue (and also for VAT if you are VAT registered?), but there are no other legal requirements...
displayed 300 characters

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