Advantages of running a sole proprietorship business. (10mks)
- It is easy to form because only a trading license required to start a sole proprietorship
- Quick decision making due to lack of consultation
- They are flexible since one can easily adapt to the changes in the market due to quick decision making.
- The owner enjoy all profits because there is no sharing
- The owner is able to maintain business secrets which enhances confidentiality
- The owner is able to offer personalized services to the customers due to personal contact
- The sole trader is accountable to himself/herself and thus he/she enjoyed freedom and prestige