1.2a Sole Traders Flashcards by Conor Horgan | Brainscape

Q

Sole trader definition

A

A business owned by one person

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Q

Advantages of sole traders

A

All profit kept by owner
Decisions made independently
Cheap to set up

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Q

Disadvantages of sole traders

A

Unlimited liability
Costs have to be paid by only one owner
No one to advise owner

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