Sole Trader Flashcards
1
Q
run by a . . .
A
single person, exclusive owner of business
2
Q
can keep all ? after tax
A
profit
3
Q
unlimited liability or liable liability?
A
unlimited; liable for all of business’ debt
4
Q
unlimited liability
A
no legal distinction between personal assets and business’ assets
5
Q
pros
A
easy to set up as do not to become incorporated, independent, choice of profit
6
Q
cons
A
unlimited liability, harder to set of finance, harder to retain employees
