SOLE TRADER(NATURE OF BUSINESS)

What is a Sole Trader?

• (a) Business owned by president

• (b) Business owned by several companies

• (c) business owned by one person

• (d)business owned by a company

What are the advantages of a sole trader?

• 
  
  A) Low start-up costs, flexibility, and greater control
  costs, inflexibility, and less control

• (b) high start-up costs, flexibility and greater control

• (c) low start up costs, inflexibility and less control

• (d) high start up

What are the disadvantages of a sole trader?

• A) Unlimited liability, difficulty in getting funding, and lack of continuity

• B) Limited liability, difficulty in getting funding, and lack of continuity

• C) Unlimited liability, ease in getting funding, and lack of continuity

• (D) Limited liability, ease in getting funding, and lack of continuity

What is the legal structure of a sole trader?

• A) Limited Company
  B) Partnership
  

• B) Partnership

• C) Sole Proprietorship
  

• D) Corporation

What is the main characteristic of a sole trader?

A. The sole trader is the only owner of the business

• A. The sole trader is the only owner of the business

• B. The sole trader has limited liability
  

• C. The sole trader has multiple partners
  

• D. The sole trader has access to a large amount of capital