Number of Business Owners: 1
Advantages:
- Simplest business structure
- Inexpensive & easy to set up
- Control of the business rests with you
Disadvantages:
- No personal asset protection
- Your liability is not limited in any way
- You pay for everything
- Some larger businesses prefer not to deal with sole traders
Quick tip! The information on this page isn’t exhaustive and we can’t advise you about the best structure for your needs. Best to chat to your business adviser, lawyer or accountant.