A
Sole Trader is a person who trades as an individual, without the use of a
company structure or partners. The
proprietor is the sole owner of the business and has sole control over it.
Therefore, the individual bears the full responsibility for the actions of the
business. This is the simplest form of
business ownership and can be started with little capital outlay.
The
sole trader can trade under his or her name, or register a business name.
However, registration of a business name does not make the sole trader a
separate legal entity. The business belongs to the sole trader who personally
responsible by law. Registration under a business name has no legal
implications other than to allow that individual to use and trade under that
name.
A
distinguishing feature of the sole trader is the nature of any legal
liability. While the sole trader retains
the profits from the venture, the liabilities with regard to claims from
creditors extend to personal assets. No distinction is made between business
assets and personal assets
Want
to learn more about your business structure for your art & Design?
It’s as simple as 1... 2... 3...
2: Send an e--mail Quantum Compass: Soletrade@QuantumCompass.com.au and receive your PDF "
The
Advantages and Disadvantages of being a “Sole Trader”
3: Contact Vinh for a no cost, no obligation coaching session: http://www.surveymonkey.com/s/ArtShineDiscovery
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