As a sole trader, you run your own business as an individual making you self-employed.
Sole trader is the simplest way to start a business as setting up is quick, easy and preparing sole trader accounts can be simpler. There are many people who start their business as a sole trader and then later on they incorporate it as a Limited Company. However, being a sole trader business involves some personal financial risk. Sole traders must pay their debts if their business fails. The convenience or not of this structure for your business depends on many factors that we should analyze in detail.
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Samuel Dawes - RTA Assist