Definition and Meaning of Sole Trader in the UK

Goforma15 Aug, 2023Finance

A sole trader, also known as a sole proprietor, is a self-employed individual who operates their business as the sole owner and manager. In the United Kingdom, a sole trader is the simplest and most common form of business structure. As a sole trader, you are responsible for making all business decisions and are entitled to all the profits generated by the business. However, you are also personally liable for any debts or losses incurred by the business.