Operate as a Sole Trader

20/06/2017

A sole trader is the simplest form of business structure and is relatively easy and inexpensive to set up. As a sole trader (sometimes called a sole proprietor), you will be legally responsible for all aspects of the business. You’ll generally make all the decisions about starting and running your business, and you are permitted to employ staff. Business registration can be done quickly, as documentation and formalities are minimal. However, the main disadvantages are that you will be personally liable for business debts and that you may be perceived as less professional than if you operated under another business structure. It is important to consider the advantages and disadvantages when deciding what type of business structure is right for you.

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