Sole Trader
Being a sole trader is the simplest way to run a business: it does not involve paying any registration fees, keeping records and accounts is straightforward, and you get to keep all the profits. However, you are personally liable for any debts that your business runs up, which make this a risky option for businesses that need a lot of investment.
As a sole trader, you are personally responsible for any debts run up by your business. This means your home or other assets may be at risk if your business runs into trouble.
Mainly contracts will be with suppliers and customers and commonly include Terms and Conditions.
In many cases, businesses which start as a sole trader later develop to incorporate as a company.
Ashton Morton Slack is one of the regions leaders when it comes to providing legal advice to small businesses and we can be there right from the very start.