This is a business that is owned by one person.
A sole trader is one of the most common business forms in the UK. A sole trader can have more than one employee.
- Less accounting and administration required
- Easy to close down the business
- Quicker decision-making
- It is cheaper and quicker to set-up
- A business owner can keep all the profits
- The business owner has total control
- You take on all of the responsibility and stress of making all the day to day decisions
- Unlimited liability
- Ownership problems if the sole trader dies
- It can be difficult to raise capital