Sole Trader
Being a Sole Trader is the simplest way to run a business as it does not involve paying any registration fees or keeping records, an account is straightforward and you get to keep all the profits. However, you will be personally liable for any debts incurred, which can make it a risky option for businesses that need a lot of investment. This also means your home or other personal assets may be at risk if the business runs into any trouble.
Contracts will mainly be with suppliers or customers and will commonly include Terms and Conditions.
In many cases, businesses which begin as a Sole Trader later develop to incorporate a Company. Ashton Morton Slack is one of the region's leaders in providing Legal advice to small businesses. We can assist you from the very beginning of your venture and through any difficulties which may arise.
Formation of a Sole Trader Business
Back to | Setting up in Business |