Definition
Who is a sole trader?
A self-employed person who owns and runs their own business
What is one of the biggest advantages of owning your own business?
You have complete control over all aspects
What can be used to settle debts?
The owners personal assets
What are some factors that influence the cost of creation?
Type of business, location, industry
What is the number of owners?
What happens if the owner dies?
The business does not continue
What is one of the major risks of running a sole trader business?
Unlimited liability
What does DBA stand for?
Doing business as
What type of businesses usually use this structure?
Small businesses
What is a succession plan?
A transfer of ownership
What is unlimited liability?
The owner is responsible for all debts and liabilities of the business
What is usually required to run a sole trader business?
A permit or license