questions 1
kyle is a 21 year old. he sells cake with occasional help from his friend. they spilt profits. is he a sole trader?
noooo!!!
emma is a 20 year old. she sells handmade fresh cream all on her own. Is she a sole trader?
yes she is!!!
can a sole trader have a partner?
no, then they would no longer be a 'sole' trader.
do they have the freedom to decide their working schedules?
yes
3 characteristic of a sole trader
risk taker, creative, optimistic, hard working, good communication skills.
what does a sole trader do with their finances?
re-invest into the company and use some for their personal usage.
where do sole traders get their initial finances from?
loans, debentures, trade credit, sales of inventories, personal finances, overdraft.
can a sole trader be in the public sector?
no
do they have limited liability?
no, they have unlimited liability.
what is a sole trader?
an independant entrepreneur who has sole ownership of the company/business and make their own business decisions.