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Starting a sole proprietor business
If you would like to be the sole proprietor of your business, to be subject to unlimited liability and be able to make fast decisions, then your best option is sole proprietorship.
Check out the advantages and disadvantages for setting up a sole proprietorship.
Advantages
- significant independence;
- low set-up costs;
- no minimum capital required;
- no need for a notary;
- few formalities;
- immediate return of profit;
- maximum decision-making powers: you can take decisions quickly and don’t need to justify them.
Disadvantages
- limited financial resources;
- no differentiation between private and business assets: creditors can make a claim to both;
- bankruptcy of the business = bankruptcy of the business owner;
- if the business owner has problems, the business usually doesn’t survive unless you are well covered.
human capital matters
