Glossary › Sole Trader
Sole Trader
The simplest business structure — one individual trading in their own name, personally liable, taxed at personal rates.
A sole trader is an individual carrying on business personally: simplest to set up, cheapest to run, with profits taxed on the owner\'s personal return.
The trade-off is unlimited personal liability — business debts are your debts. Many businesses start here and restructure into a company or trust as risk and profit grow.
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