Sole Trader or Sole Proprietorship — Chapter Summary
ICSE · Class 11 · Commerce
Summary of Sole Trader or Sole Proprietorship for ICSE Class 11 Commerce. Part of the ICSE Class 11 Commerce syllabus.
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Overview
Sole trader or sole proprietorship is the simplest, oldest, and most common form of business organisation. A single individual establishes, finances, owns, manages, and controls the business, bears all risks, and receives all profits. It is common in small business activity and can be started and cl
Key Concepts
Sole trade is a business started
Sole trade is a business started and managed by one person. That person is responsible for all profits and losses. The business is normally small in s
A sole trader is also known
A sole trader is also known as individual entrepreneur, sole organiser, sole owner, or sole proprietor.
Kimball and Kimball describe the individual
Kimball and Kimball describe the individual proprietor as the supreme judge of business matters subject to general laws. Grestenberg describes it as a
The control of the business remains
The control of the business remains in the hands of one person. Even if helpers are appointed, the ultimate responsibility remains with the owner.
The sole trader is the sole
The sole trader is the sole manager of the business. Other persons may be appointed for support, but the owner remains responsible for the working of
Learning Objectives
- Understand the meaning of sole trade and sole proprietorship
- Learn the definitions given by important authors
- Identify the essential characteristics of sole trade
- Explain the merits of sole proprietorship
- Explain the demerits and limitations of sole proprietorship
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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