Creating A Business Sole Trader Flashcards
1
Q
What is a sole trader?
A
A sole trader is a business which is fully owned by one person who has complete control.
2
Q
What is the most common type of business ownership?
A
Sole trader.
3
Q
Name some examples of sole trader businesses.
A
Restaurants, hairdressers, plumbers and electricians.
4
Q
How are the profits divided in a sole trading business?
A
The owner keeps all the profit.
5
Q
Why are sole traders easy to set up
A
There are very few legal formalities.
6
Q
Which type of sole trading business would require a special trading licence?
A
Night clubs, nursing homes, pet kennels and restaurants.
