Question

2. How is a sole trader business formed? Describe its objectives.​

Answer 1

Answer:

• Traders want to make money from changes in stock prices. As a sole trader, you trade strictly on your own behalf — you don't trade or invest for others. Making money is the ultimate goal, and some short-term steps can help make that happen.
• Sole trader business is started by the initiative of a single person. ... No legal formalities are required in the formation of sole proprietorship. Any individual can start a business whenever and wherever he likes. However, the sole trader must be a person competent to enter into a contract.
• A sole-trader is a person who carries on business exclusively by and for himself,he is not only the owner of the capital of the undertaking, but is usually to organise and manage and takes all the profits or responsibility for losses.”

Explanation:

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Answer 2

Answer:

Sole trader business is started by the initiative of a single person. No legal formalities are required in the formation of sole proprietorship. Any individual can start a business whenever and wherever he likes. However, the sole trader must be a person competent to enter into a contract.