sole traders

Which of these occupations is most likely to be a sole trader?

• banker

• hospital worker

• electrician

• teacher

Which of these is an advantage of a sole trader?

• You work long hours

• The business is quick and easy to set up

• You have got a lot of responsibility

• The work can be stressful

Liability means responsibility for debts. What type of liability does a sole trader have?

• Unlimited liability

• Corporate liability

• No liability

• Limited liability

Which one of these occupations is definitely not a sole trader?

• hairdresser

• cafe owner

• bank manager

• plumber

Which of these is a disadvantage of being a sole trader?

• limited liability

• unlimited liability

• you keep all the profits

• you are your own boss

Which of these is an advantage of being a sole trader?

• unlimited liability

• difficult to raise a lot of capital

• you work long hours

• you keep all the profits

Which of these occupations is most likely to be a sole trader?

• shop worker

• waiter at a restaurant

• gardener

• teacher

Which of these is an advantage of being a sole trader?

• Responsible for all the debts

• Long hours

• Lots of responsibility

• You get to make all the decisions.

Unlimited liability means......

• You should always pay your bills on time.

• You are personally responsible for all the debts in the business.

• You have lots of bills to pay.

• You have insurance that covers all your debts.

Which of these is a disadvantage of being a sole trader?

• you have control of the direction of the business

• you are your own boss

• unlimited liability

• low start up costs