Ch3 Sole Traders - AO1

Question 1

Unincorporated

Answer 1

A business does not have a separate legal identity to the owner

Question 2

Sole trader

Answer 2

A business owned by a single passing

Question 3

Unlimited liability

Answer 3

The owner has full responsibility to repay that if the business fails

Question 4

Lack of continuity

Answer 4

The business dies with its owner

Question 5

Entrepreneur 

Answer 5

Person who takes risks and sets up businesses