What is one advantage of being a sole trader?

A primary advantage of being a sole trader is the ability to keep all profits generated by the business. As a sole trader, you are the sole owner and operator, which means that you do not have to share your earnings with anyone else. This can be particularly appealing for those who are entrepreneurial and want to directly reap the rewards of their hard work and risk-taking.

In contrast, other forms of business organization, such as partnerships or corporations, often require profit sharing among owners or shareholders, which can dilute personal earnings. Therefore, the structure of a sole trader enables complete financial control and retention of profits, making it an attractive option for individuals seeking independence and maximum financial reward from their efforts.