Sole trader business are most commonly used by very small business with a low turnover, low risk and a single owner.
Larger businesses, or those with multiple owners, or higher risks, tend to use private companies with a limited liability to the parts or shares.
A sole trader is an individual carrying on a business in their own name.
A sole trader business is owned 100% by the “sole proprietor” and cannot have “partners”, “directors” or “shareholders”.
A sole trader business may also have a “business name” or “trading name”.
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