Ownership Flashcards
1
Q
What is a sole trader
A
One person that runs and owns the business and has unlimited liability
2
Q
What is unlimited liability
A
Have to pay back all debt yourself
At risk of losing all assets
3
Q
Benefits of being a sole trader
A
Can make own decisions
Can choose holidays and days off
Keep all profits
Your own boss
4
Q
Disadvantages of sole trader
A
Have to make own decisions
Responsible for all day
Take days off you will suffer
