sole trader Flashcards
(5 cards)
1
Q
Unlimited/ limited
A
unlimited liability - One person owns the business. They are personally responsible for all debts.
2
Q
How many people run the business
A
1
3
Q
How much profit
A
sole trader recieves all profit and is legally required to bear and satisfy all losses personally
4
Q
It is expense or inexpensive
A
its inexpensive to set up and run, however may be difficult to obtain finance
5
Q
What must the buisness do?
A
Must be registered with the Australian securities and investments commission (ASIC)
