Which of the following is an advantage of being a sole trader?

Being a sole trader allows for complete control of business decisions, which is one of the significant advantages of this business structure. As a sole trader, the individual is the sole owner of the business and is responsible for all aspects of its operation. This structure enables the owner to make decisions quickly, without the need for consensus or consultation with partners or shareholders. This level of autonomy can lead to greater flexibility in responding to market changes or business challenges, allowing the owner to implement ideas and strategies that align closely with their vision for the business.

In contrast, shared decision-making often applies to partnerships or corporations, where multiple individuals or stakeholders are involved, potentially complicating the decision-making process. Limited liability protection is a feature associated with companies rather than sole traders, as a sole trader is personally liable for business debts. Lastly, access to a larger pool of finance is typically easier for established companies or partnerships, which can attract more investors compared to a sole trader who may have limited funding options.