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Business Studies > Sole Traders > Flashcards

Sole Traders Flashcards

1
Q

Sole Trader

A

When a person owns and controls a business

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2
Q

Liability

A

Unlimited liability

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3
Q

Taxes paid

A

Income tax

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4
Q

Advantages of owning business as a sole trader

A

Full control
Keep all profit
Make all decisions

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5
Q

Disadvantages of owning a business as a sole trader

A

Unlimited liability
No one to consult with - less ideas
Limited capital to start business

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Business Studies (5 decks)

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