sole trader

This is one person who sells products, offers a service or runs a shop. You may employ others but you are the only owner. If you share ownership that becomes a partnership.


It is quick to set up, you can decide everything and you keep all the profits.


You have all the responsibility.

If you are a sole trader you can't put Limited or Ltd at the end of your business name. This is because you do not have limited liability and if your business fails, your creditors, like the bank who lent you money, can ask for items your own personally in place of payment.


Read these helpful tips on the Government's website for how to Set up as a sole trader

Check out this guide and video on the BBC website: The options for start-up and small businesses

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