Sole Traders Flashcards
1
Q
Who owns the business?
A
The sole trader
2
Q
How many owners are there?
A
One
3
Q
Who controls the business?
A
The sole trader
4
Q
Who controls the finance within the business?
A
The sole trader but can hire other people to control the finance
5
Q
What liability is there?
A
Unlimited liability
6
Q
Who keeps the profit?
A
The sole trader receives all of the profit made
7
Q
How do you start the business?
A
Setting it up is easy, you just need to start trading
8
Q
What happens if the owner dies?
A
The business ends
9
Q
Give 2 advantages of a sole trader business
A
Keep the profit
Easy to set up
10
Q
Give 2 disadvantages of a sole trader
A
Heavy work load
Unlimited Liability
