Business basics

Who is a sole trader ?

• A sole trader is a self-employed person who owns and runs their own business as an individual.

• A person who is in a business with his family but does not make the decisions by himself

• A person who does not have a say in decisions

• A person who trades

Sole proprietorship business owner has?

• Restricted Liability

• No Liability

• Unlimited Liability

• Limited Liability

Who can start a sole proprietorship?

• You & your best friend

• Your dog

• Anyone

• Needs government approval

An example of a sole trader is ?

• A shop keeper

• A nurse

• A doctor

• A pharmacist

What is a disadvantage of a Sole Proprietorship?

• Easy to raise capital money

• Fully/personally responsible for any issues

• Decisions don't need approval

• Business can continue after owner dies

What is an advantage of a sole trader business?

• Decisions don't need a approval

• Hard to get out of business

• Split profit equally

• A person tells you what to do