Sole Trader

The sole trader is the most basic form of business structure, with no specific legal formalities required. You are simply viewed as self employed.

The simplicity of this structure means that overheads are kept to a minimum and that there is no requirement for audited accounts.

All income generated by the business will be treated as your income for tax purposes.

The downside of this structure is that you will be personally liable for all the debts and obligations of the business. The simplicity of the structure can also make it difficult to raise finance or sell the business.

For more information please contact Simon Morris.