A business organization with a single owner is known as a

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Study for the Edexcel A-Level Business Test. Dive into flashcards and multiple-choice questions, each with helpful explanations. Elevate your exam readiness today!

Multiple Choice

A business organization with a single owner is known as a

Explanation:
A sole trader is an unincorporated business owned and run by one person. This means the owner has full control and keeps all the profits, but also faces unlimited liability, so personal assets could be at risk if the business fails. This setup clearly describes a single-owner business, unlike partnerships (which have multiple owners) or companies (private or public) that are separate legal entities with limited liability. So, the single-owner option best fits the idea of a sole trader.

A sole trader is an unincorporated business owned and run by one person. This means the owner has full control and keeps all the profits, but also faces unlimited liability, so personal assets could be at risk if the business fails. This setup clearly describes a single-owner business, unlike partnerships (which have multiple owners) or companies (private or public) that are separate legal entities with limited liability. So, the single-owner option best fits the idea of a sole trader.

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