Flashcards in Business Ownership Creating A Business Part 3 Deck (3)
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1
Q
What is a sole trader?
A
A sole trader is a business which is fully owned by one person who has complete control over how the firm is run.
2
Q
Name 4 advantages of being a sole trader.
A
Low start up costs, all profits are kept, better control and financial privacy.
3
Q
What are the advantages of a partnership?
A
Low start up costs, shared workload, specialisation, raising capital, financial privacy, more effective decision making.