ocr: Introduction One of - the key concepts usedin drawing up the accounts of a sole trader was that we must treat the business as an entity separate from its owner. In this way we were ablet to define the - "proprietors tunds" as the amount of money owed by the business to: its owner. In reality this distinction IS somewhat artiticial since iti a creditor IS unable to receive his due payment trom a sole trader business he can instead pursue a claim against the private wealth of the proprietor. This situation is very ditterent trom that ofa limited liability company which isi in law recognised as a ...
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