L3 YR1 Unit 301 session 6a sole trader v ltd company

What is one of the key differences between a sole trader and a limited company according to the document?

• Marketing strategies

• Legal status

• Customer service

• Product range

Which of the following is NOT listed as an advantage of being a sole trader?

• Easy to set up

• High investment returns

• Complete control

• Lower costs

What factor influences the choice between a sole trader and a limited company?

• The color scheme of the business

• The nature and size of business

• The speed of service delivery

• The number of employees

What is one of the disadvantages of being a sole trader?

• Unlimited personal liability

• Greater access to finance

• Ability to attract top talent

• Tax advantages

Which of the following is an advantage of being a limited company?

• Higher costs

• Increased accountability

• Limited liability

• Difficulty in securing contracts

What is a disadvantage of being a limited company?

• Professional image

• Reduced privacy

• Continuity

• Tax advantages

Which of the following is not a disadvantage of being a sole trader?

• Time-consuming administrative tasks

• Lack of specialisation

• Ability to attract top talent

• Difficulty in securing contracts

What does self-employment in the UK BSE industry typically refer to?

• Working for a large corporation

• Being employed by the government

• Working for oneself and managing one's own business operations

• Working under a temporary contract

In the UK BSE industry, self-employed individuals are usually what type of traders?

• Partnership traders

• Limited liability traders

• Sole traders

• Cooperative traders

Which of the following roles might a self-employed individual in the UK BSE industry undertake?

• School teacher

• Retail store manager

• Project manager

• Bank teller