Sole trader

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It’s easy to start a business as a sole trader and in this section we explain the difference between a sole trader, partnership and limited company and limited liability partnership. You’ll be able to make your own decisions, control the risks and plan the strategy for your business, but as the sole owner you will also be the liable for the debts of your business. Only certain business activities or trades as a sole trader require a license or registration with a governing body or authority, for example if you want to run a pub or a pet shop you’ll need to apply for a license.

Here we explain what it means to be a sole trader.

The content on elXtr has been prepared by LHS Solicitors. It’s intended as guidance only and not to be regarded as a substitute for consultation with one of our solicitors, since every case will ultimately turn on its own particular facts and circumstances. We recommend that you use our materials as your starting point and be aware that you sometimes have to follow a set procedure before taking any action, especially in an employment context. If you are in any doubt, we’d suggest that you get in touch with us and we’ll talk you through your options on how to get the right legal advice.

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