In brief:
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Just needs to register as self-employed.
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If the business fails, then the owner is
fully responsible for all the business' debts.
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The owner's word is final.
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More often than not, owner's personal money.
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All profits belong to the owner.
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Self employed status. Even if the owner doesn't
draw on his profits they are still taxed.
Losses can be offset against tax on other
income.
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If owner dies or retires, the business may
crumble.
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Details:
Unlike other business formats, sole traders
(and partnerships) can start trading straight
away, although certain types of businesses
may need a licence to trade.
If trading under a name other than that of
the owner, one must display the name and the
address of the owner at the premises and on
the stationary.
Seek advice from professionals such as solicitors
or accountants and business support organisations...
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England. Business
Link (signpost line):
T. (0845) 756 7765
Wales. Business Connect:
T. (0845) 796 97 98
Scotland. Scottish Business Shops:
T. (0800) 78 78 78
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Most
of this information was sourced from the DTI
publications: A Guide to Help for Small Business,
(URN 99/1112) & Setting up in Business a
guide to regulatory Requirements,
(URN 99/833) |
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