Sole Trader Flashcards
1
Q
What is a sole trader?
A
A business owned by one person
2
Q
What is an example of a sole trader?
A
If you set up your own business fixing people’s computers, you are a sole trader.
3
Q
What is a disadvantage of being a sole trader?
A
Disadvantages include unlimited liability, lack of finance, heavy workload, lack of skills, and difficulty taking a holiday.
4
Q
What is an advantage of being a sole trader?
A
Advantages include being your own boss, quick decision-making, easy setup, keeping all profits, and making your own decisions.
