GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Public sector
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Private sector
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Third sector
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None of the above
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Detailed explanation-1: -A sole trader is a business owned by one person. They are usually small in size. Hairdressers, butchers, and electricians often operate as sole traders. Sole traders rely on their own savings, bank loans or loans from friends and family to finance their business.
Detailed explanation-2: -A sole trader is a self-employed person who owns and runs their own business as an individual. A sole trader business doesn’t have any legal identity separate to its owner, leading many to say that as a sole trader you are the business.
Detailed explanation-3: -A sole proprietorship is an unincorporated business that one person owns and manages. As the business and the owner are not legally separate, it is the simplest form of business structure. It is also known as individual entrepreneurship, sole trader, or simply proprietorship.