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- DictionarySole trad·er
noun
- 1. a person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses; a sole proprietor: British "I choose to run my firm as a sole trader"
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Feb 23, 2024 · Also referred to as a sole trader or a proprietorship, a sole proprietorship is the easiest type of business to establish or take apart, due to a lack of government regulation....
Feb 20, 2024 · A sole trader is a self-employed individual who owns and operates a business as a sole proprietorship. Learn how to become a sole trader in the UK, the benefits and drawbacks of this business structure, and the tax obligations and responsibilities.
A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity.
Being in business on your own, if you don’t set up a limited company at Companies House to run your business through, then by definition, you’re a sole trader. When you’re a sole trader, you are self-employed, and legally, you and your business are one and the same. We’ll explore what that means in a bit more detail shortly.
It is also known as individual entrepreneurship, sole trader, or simply proprietorship. The business owner, also known as a proprietor or a trader, conducts business using their legal name. They may also choose to do business using another name by registering a trade name with their local authority.
a self-employed person (= someone who works for themselves, not for an employer) who owns and runs their business without a business partner or partners: A sole trader has complete control over all decisions regarding the running of the business.
Being a sole trader means running a business entirely by yourself. Unlike a partnership, there’s nobody else shouldering the ultimate responsibility for your success. And unlike with limited companies, there's no legal separation between you and your business. In other words, you quite literally are your business.
