Sole Traders Flashcards
1
Q
Who owns the business in a sole-trader business
A
The sole trader
2
Q
Number of owners in a sole-trader business
A
1(The sole trader is the owner)
3
Q
Who controls the business in a sole-trader business
A
The sole trader
4
Q
Who finances the business in a sole-trader business
A
The sole trader
5
Q
What is their liability in a sole-trader business
A
Unlimited liability
6
Q
Who keeps the profit in a sole-trader business
A
Sole trader
7
Q
How is the business established in a sole-trader business
A
Just start trading
8
Q
What happens when owner dies in a sole-trader business
A
Business ends
