Question:
Write the characteristics of sole trading.
Write the characteristics of sole trading.
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Sole trading offers flexibility but carries high personal risk.
Updated On: Nov 12, 2025
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Solution and Explanation
Step 1:
Sole trading is owned and managed by a single individual who bears all profits and losses.
Step 2:
The owner has unlimited liability, meaning personal assets can be used to settle business debts.
Step 3:
The owner has full control over decisions, but capital is limited to personal funds or loans, and management is handled personally without formal structure.
Sole trading is owned and managed by a single individual who bears all profits and losses.
Step 2:
The owner has unlimited liability, meaning personal assets can be used to settle business debts.
Step 3:
The owner has full control over decisions, but capital is limited to personal funds or loans, and management is handled personally without formal structure.
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