What is a sole trader?

What is a sole trader?

A sole trader is someone who is both self-employed and the sole owner of his business. Sole traders have no shareholders or directors, unlike limited companies, and no other people are responsible for liabilities, unlike partnerships.   

You have complete control over the company, which means that if it runs out of money, you are personally liable to creditors and must pay any damages yourself. 

Sole traders are most commonly small businesses that have no or very few employees.

Who can be a Sole Trader?

There are different kinds of sole traders.
Traditional trades - decorator, builder, plumber, electrician.
Freelancers -  content writers, graphic designers, and search engine optimisation (SEO) experts.
Other services - mechanics, hairdressers, tutors, and interior designers.
Anyone who uses his skills and knowledge to provide a service is usually a sole trader.

Online business - selling handmade jewellery, an online consultancy, etc.

Contact RTRSupports Limited for more information
Website: www.rtrsupportslimited.com