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.

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