Sole Trader

Question 1

What is a key characteristic of a sole trader?

Answer 1

Full business control

Question 2

What is an advantage of being a Sole Trader?

Answer 2

Limited profit sharing

Question 3

What is the easiest way to start a business in Ireland?

Answer 3

Becoming a Sole Trader

Question 4

What is the liability of a sole trader?

Answer 4

Unlimited liability, meaning personal assets can be used to cover business debts.

Question 5

What is one advantage of being a Sole Trader?

Answer 5

Simple setup with minimal regulatory requirements.

Question 6

What is one disadvantage of being a Sole Trader?

Answer 6

Unlimited liability

Question 7

What funding options does a Sole Trader have?

Answer 7

Personal savings, loans, and small business grants.

Question 8

What risk does a sole trader face regarding liabilities?

Answer 8

Personal asset risk

Question 9

What is required to register as a sole trader in Ireland?

Answer 9

Complete Form TR1 and submit it to the Revenue District Office, and register with the CRO if using a business name.

Question 10

What does a sole trader have full control over?

Answer 10

All business decisions and operations