Sole Trader Flashcards
(10 cards)
1
Q
Number of Owners?
A
1
2
Q
Liability of Owners
A
Unlimited
3
Q
Distribution of profit
A
Sole Trader
4
Q
Transfer of ownership
A
No
5
Q
Separate legal entity
A
No
6
Q
Continuity of existance
A
No
7
Q
Ability to raise capital from the public
A
No
8
Q
Regulations
A
- Business Names Act
- GST Laws
9
Q
Advantages
A
- Gain all the profits
- Ease of formation
10
Q
Disadvantages
A
- Not a legal entity
- Unlimited Liability
- Limited sources of finance
- Bears all the risks and losses
