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Mention the limitations of sole trade.

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Mention the limitations of sole trade.

Posted by Seema Saw 4 years, 3 months ago

CBSE > Class 11 > Business Studies

1 answers

Yogita Ingle 4 years, 3 months ago

One of the biggest limitations of a sole proprietorship is the unlimited personal liability of the owner. If the business fails it can wipe out the personal wealth of the owner as well as affect his future business prospects too
Another problem is that a sole proprietor has access to limited capital. The money he can borrow from his own personal savings may not be enough to expand the business. Moreover, banks and financial institutions are also wary of lending to proprietorships.
The life cycle of a sole proprietorship is undecided and attached to its owner. An incapacitated owner may have a negative effect on the business, and it may even lead to the closure of the business. A sole proprietorship cannot carry on without its proprietor.
A sole proprietor also has limited managerial ability. He cannot be an expert in all the fields of the business. Furthermore, limited resources may mean that he cannot hire competent people to help him out. As a result, the business may suffer from mismanagement and poor decisions.

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