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Flashcards in Sole Traders Deck (5)
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1

What is a sole trader?

A person who owns or controls a business

2

What tax do sole traders pay?

Income tax

3

What liability do sole transfers have?

Unlimited reliability

4

What are the advantages of being a sole traders?

They have full control
Make all decisions
Keep all profit

5

What are the disadvantages of being a sole trader?

Unlimited reliability
No consultation with shareholders
Limited capital to start with