Sole trader advantages - Study guides, Class notes & Summaries

Company Law Questions with Verified Answers Sole Trader Advantages - correct answer -⟨ No filing requirements; fees or professional advice needed for set up ⟨ One person, thus a complex organizational structure is not needed. Sole Trader Disadvantages - correct answer -⟨ Not a particularly useful business form for raising capital (finding investors) -money is usually from bank loans or savings ⟨ Unlimited liability: if business fails creditors can come after your personal asset...

Sole trader - ANSWER business owned and operated by one person Advantages of a sole trader - ANSWER Easy to set up , owner keeps the profit, accounts are kept private, low set up cost, control hours Disadvantage of sole trader - ANSWER 100% liability, stress and responsibility, lack of continuity, limited growth, limited access to finance, challenging competition in the market, false decision-making, hard-to-take holidays

Sole trader - ANSWER-A sole trader is a business that is run and owned by one person. The sole owner provides all financing and is responsible for decision making. What are the advantages of being a sole trader? - ANSWER-Owner keeps all profits: All profits are kept and the owner doesn't have to share with partners Low cost of entry: It doesn't cost much, so a sole trade can operate right away e.g don't have to register Complete control of the business: owner has full control, is abl...

Business - ANSWER-An organization that aims to produce goods/services to satisfy the needs and wants of consumers Sole trader - ANSWER-Business that is owned and operated by one person Advantages sole trader - ANSWER-Simple and inexpensive to set up Complete control No disputes Keeps all profits Disadvantages sole trader - ANSWER-Unlimited liability Burden of managing whole business Required to perform many different tasks Partnership - ANSWER-A business that is owned and oper...

Sole Trader Advantages Correct Answer ⟨ No filing requirements; fees or professional advice needed for set up ⟨ One person, thus a complex organizational structure is not needed. Sole Trader Disadvantages Correct Answer ⟨ Not a particularly useful business form for raising capital (finding investors) -money is usually from bank loans or savings ⟨ Unlimited liability: if business fails creditors can come after your personal assets, ie., no difference from the trader and the busines...

Company Law Exam Elaboration [100% PASS] /verified/ Sole Trader Advantages *Ans* ⟨ No filing requirements; fees or professional advice needed for set up ⟨ One person, thus a complex organizational structure is not needed. Sole Trader Disadvantages *Ans* ⟨ Not a particularly useful business form for raising capital (finding investors) -money is usually from bank loans or savings ⟨ Unlimited liability: if business fails creditors can come after your personal assets, ie., no dif...

Company Law Question and Answer 100% Correct Sole Trader Advantages - ⟨ No filing requirements; fees or professional advice needed for set up ⟨ One person, thus a complex organizational structure is not needed. Sole Trader Disadvantages - ⟨ Not a particularly useful business form for raising capital (finding investors) -money is usually from bank loans or savings ⟨ Unlimited liability: if business fails creditors can come after your personal assets, ie., no difference from the t...

Business Management UNIT 3/4 EXAM Questions With 100% Correct Answers 2024 Sole Trader - answerBusinesses owned and operated by a single individual. Advantage: -Owner has complete control over all decisions in the business - The owner has the right to keep all the profits after taxes Disadvantage: - Unlimited liability for business debts - Burden of management and failure all falls to the owner Partnership - answerBusinesses that are owned by a minimum of 2 and a maximum of 20 people. ...

Business Management UNIT 3/4 EXAM Questions With 100% Correct Answers 2024 Sole Trader - answerBusinesses owned and operated by a single individual. Advantage: -Owner has complete control over all decisions in the business - The owner has the right to keep all the profits after taxes Disadvantage: - Unlimited liability for business debts - Burden of management and failure all falls to the owner Partnership - answerBusinesses that are owned by a minimum of 2 and a maximum of 20 people. ...

Principles of Accounting Real Exam Questions With All Correct Detailed Answers Who might want to use financial statements? - ANSWER- - Owners of the business - Management - Employees - Creditors - HM Revenue and Customs - Banks and other lenders What are the four main forms of business mediums? - ANSWER- 1) Sole trader 2) Partnership 3) Company 4) Limited liability partnerships (LLPs) What happens if a sole trader incurs a liability in their business dealings and the earnings of...