A sole trader business owner:
A) is personally liable for all debts incurred by the business.
B) is taxed as an individual on the business income.
C) is not bound by the formal requirements of accounting standards.
D) all of the above.

Question

Quizplus · Accepted Answer

A sole trader business owner is personally liable for all debts incurred by the business and is taxed as an individual on the business income. They may choose to follow accounting standards even though they are not bound by the formal requirements. Hence, all of the above options are correct.

A Sole Trader Business Owner