Where a sole trader decides to dispose of his business, this will inevitably lead to a discontinuance of that business. This is because it is the sole trader who carries on the business. He owns the assets, is the employer and enters into contracts with lenders, suppliers and customers. Even if he sells the business to a buyer as a going concern, the business will effectively become a different business as it is being owned and run by a different person. Consequently, the disposal will involve a considerable amount of formality and therefore expense. For example, the original
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