There are different forms of business sole trade ship or sole proprietor is primary form of business in which a single person is involved to carry out the business with an intention to earn the profit.
There are so many merits and demerits of the Sole trade ship, the merits of sole trade ship is described as under:
* A sole trade ship is pretty easy to form, a single person can started a business with almost no money at all, the investment of $100 in a business can be a sole trade ship, when an student or a person who has small amount of money and he or she wants to establish a business it can be established just with an intention like a person has started business of selling tea or coffee in a small size for whom no large amount is needed.
* A sole trade ship can be started only with personal interest or efforts, for a sole trade ship the personal will and die hard efforts are need to make it successful, there are so many examples in front of us to understand this phrase that it needs personal interest and efforts like the innovator of pizza who spend almost the complete life to establish a business which gives him a world level name and fame.
* In the single man business or one man business there is a complete control of whole business to a single person who can manage the things and arrange the raw materials or products which are required for the business easily, without asking anybody or without an effort of thinking to purchase any new machinery or equipment for the business.
* In the sole trade ship a person can make the decision in prompt way, no general meeting or no any authority to take permission from it, he or she can take the decision and also keep some flexibility in the business which can be needed when the time comes.
* In the sole trade ship the secrecy of the business can be kept with a single man only no other man will be there to whom the secrecy of the business is needed to be shared, no any legal requirement such as audit of business or sharing of financial statements to the general public, it involves almost no regulations of government or minimum involvement such as paying tax to government, with a view of obligations not to produce such products which are harmful for general people.