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GCSE Business Studies > Sole Traders > Flashcards

Sole Traders Flashcards

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1
Q

What is a sole trader?

A

A person who owns or controls a business

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2
Q

What tax do sole traders pay?

A

Income tax

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3
Q

What liability do sole transfers have?

A

Unlimited reliability

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4
Q

What are the advantages of being a sole traders?

A

They have full control
Make all decisions
Keep all profit

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5
Q

What are the disadvantages of being a sole trader?

A

Unlimited reliability
No consultation with shareholders
Limited capital to start with

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GCSE Business Studies (6 decks)

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