Sole Trader Flashcards
1
Q
Sole trader
Advantages
Disadvantages
A
A sole trader is a business that is owned and controlled by in person
Advantages- The owner keeps all of the profits
The owner has complete control over the whole business
Quicker and easier to set up than a partnership or a limited company
Disadvantages - The only source of capital is the one owners plus what he/she can borrow
Long hours and the business losses money if the owner goes on holiday or is ill
Unlimited liability
