What is Business? 0.0 / 5 ? BusinessUnderstanding different business forms: The sole traderASAQA Created by: boonjCreated on: 21-09-17 09:21 Sole Trader Normally relatively small businesses managed by one person such as plumbers, hairdressers and Decorators 1 of 8 Unlimited liability An individual or group are personally responsible for the losses and all actions of their business 2 of 8 Advantage of a sole trader Decisions can be made quickly and sole traders can respond rapidly to changes in the market 3 of 8 Advantage of a sole trader Setting up the business is straightforward 4 of 8 Advantage of a sole trader Making key decisions in business can be motivating 5 of 8 Disadvantage of a sole trader Sources of finance are limited 6 of 8 Disadvantage of a sole trader Working in my own business can entail working long hours with limited holidays, leading to stress. 7 of 8 Limited liability The business (company) is responsible for any money that it owes. The personal belongings of the shareholders (owners) are safe 8 of 8
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