What is Sole Trader Or Sole Proprietor ?

Vinh Lam December 3, 2013 Branding, business information, business structure, Business System, business tips, starting a business Comments Off on What is Sole Trader Or Sole Proprietor ?
A Sole Trader is a person who trades as an individual, without the use of a company structure or partners.  The proprietor is the sole owner of the business and has sole control over it. Therefore, the individual bears the full responsibility for the actions of the business.  This is the simplest form of business ownership and can be started with little capital outlay.

The sole trader can trade under his or her name, or register a business name. However, registration of a business name does not make the sole trader a separate legal entity. The business belongs to the sole trader who personally responsible by law. Registration under a business name has no legal implications other than to allow that individual to use and trade under that name.

A distinguishing feature of the sole trader is the nature of any legal liability.  While the sole trader retains the profits from the venture, the liabilities with regard to claims from creditors extend to personal assets. No distinction is made between business assets and personal assets

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About The Author

I am a Business LifeStyle coach who specialises in working with artists, designers, crafters and all creative professionals. Myself and my partner Stuart Horrex are here to help you to achieve your Life & business goal and dreams. We have had over 20 years experience in finance, retail,furniture,food,wine fashion,crafts and hospitality.