What are the characteristics of sole trader?

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The characteristics of the sole proprietorship form of business organisations are:

  • It is the simplest form of organisation as it does not involve any legal formalities.

    Soletrader, Croydon, London CR0 | Flickr - Photo Sharing!

    image source: c1.staticflickr.com/9/8338/8197703344_45517c1467_b.jpg

  • It is owned and controlled by a single individual.
  • The individual assumes all sorts of risks exposed to the business.
  • The liability of the sole trader is unlimited.
  • The sole trader enjoy unlimited freedom of action and decide everything quickly.
  • The business unit is not separate from the sole trader.
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