Ch3 Sole Traders - AO1 Flashcards
1
Q
Unincorporated
A
A business does not have a separate legal identity to the owner
2
Q
Sole trader
A
A business owned by a single passing
3
Q
Unlimited liability
A
The owner has full responsibility to repay that if the business fails
4
Q
Lack of continuity
A
The business dies with its owner
5
Q
Entrepreneur 
A
Person who takes risks and sets up businesses
