This is a popular choice with lots of small businesses. A Sole Trader is also know as a ‘Sole Proprietor’ or ‘Self-employed’.
Unlike with an LTD or LLP, there is no separate corporate tax to pay. A sole trader may also have employees.
This is no minimum capital requirement and the setup is usually quite a quick process.
You should however be aware, that the liability is not restricted with the company and you potentially risk your own assets, should your company develop debts. In addition, the possibility to claim unemployment benefit is also quite restricted.
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