TABL2741 Business Structures Exam | Questions Correctly Answered
Sole trader: Definition - ANSWER The person carrying on business as an independent Individual. The business is the individual and they are indistinguishable. The business is owned and controlled by 'X' who enjoys all the profits and is directly liable for tax on income earned. Sole trader: Liability - ANSWER Unlimited Indemnity (Definition) - ANSWER Security or protection against a loss or other financial burden Sole Trader: Liability Minimising strategies - ANSWER Insurance policies: - Professional Indemnity insurance - General insurance - Public liability insurance - Bad debt insurance - Workers comp. insurance
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