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GCSE Business · key term
A business owned by one person, who controls it and keeps its profits.
Used by AQA, Edexcel and OCR
Paper 1, Paper 2
Revise: Business Legal StructuresA sole trader has one owner. That owner makes the decisions and keeps the profits, although the business can employ staff. Ownership and employment are different: hiring an assistant does not turn a sole trader into a partnership.
Specification 1.4.1 · Paper 1
A business owned by one person who has unlimited liability. The owner may employ other people.
A sole trader has one owner, but can employ staff.
A sole trader is the sole owner, not necessarily the only worker. Sole traders can employ staff.
A sole trader has one owner, not necessarily one worker: the owner can employ staff.
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The main start-up ownership options are a sole trader, a partnership and a private limited company. A separate choice is whether to develop an independent business or operate a franchise using an established business’s brand and system.
Paper 1
Revise: Types of Business OwnershipThe four forms considered here are sole traders, partnerships, private limited companies and public limited companies.
A business owned by one person, who has unlimited liability.
A business owned by one person, who controls its decisions.