What best describes a sole trader?

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Prepare for the IGCSE Edexcel Business Test with multiple choice questions and detailed explanations. Improve your skills with our interactive practice tests. Ace your exam!

Multiple Choice

What best describes a sole trader?

Explanation:
A sole trader is a business owned and operated by one person. This means the owner makes all the decisions, keeps the profits, and is personally responsible for the business’s debts. It’s different from a partnership, which is owned by two or more people; from a corporation, which is a separate legal entity with limited liability; and from a nonprofit, which is set up to pursue a not-for-profit purpose.

A sole trader is a business owned and operated by one person. This means the owner makes all the decisions, keeps the profits, and is personally responsible for the business’s debts. It’s different from a partnership, which is owned by two or more people; from a corporation, which is a separate legal entity with limited liability; and from a nonprofit, which is set up to pursue a not-for-profit purpose.

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