1.2a - Sole Traders Flashcards by Conor Horgan

Q

Sole trader definition

A

A business owned by one person

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Q

Advantages of sole traders:

A

Keep all profits to yourself
Decisions made independently
Cheap to set up
Financial documents do not have to be published

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Q

Disadvantages of sole traders:

A

Long hours
Unlimited liability
Pay all costs yourself
No one to advise you
Pay more tax than a company

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