INTRODUCTION
Businesses come in all shapes and sizes. Some business owners started as kids, selling lemonade on the side of the street, while other business owners have bloomed later after years of careful planning. Whatever stage of life you're in, owning a business can be one of the most rewarding experiences you'll ever have. Starting a fashion business is not for everyone though. Starting a fashion business requires inspiration, hard work, planning and persistence.
The business I am starting up is a boutique business it will be called ‘Queens Kool’. I have decided to become a sole trader. I chose to be a sole trader because I have unlimited liability, I will have complete control of the business and I will be totally responsible for its success or its failure. It is also simple and inexpensive to set
up my business as a sole trader. I get to keep all the profits, although I realize I must save enough money to pay taxes, VAT, and interest on loans. Some of the losses made in my first year may be offset, or balanced against money I have paid earlier in the same financial year towards tax. Also if one part of my business is not profitable I can quickly change to something else profitable. Some of the disadvantages of being a sole trader are because I have unlimited liability I will be responsible for everything including any debts to may occur. There is a very high risk of my business being a failure as there may be and usually is great competition from other business in
the area. It will be difficult to raise capital, but now days the government does make this easier. Because I am a sole trader I am by my self so I can only do a limited amount of work which will slow down the growth of my business.
LEGAL
There are hundreds of laws that pertain to ...