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What is a sole trader?

What is a sole trader? Here are some definitions.

Noun
  1. A type of business enterprise or proprietorship which is owned by one person who is fully liable for the company's debts and fulfilment of contracts with his/her personal wealth unless incorporated.
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This mechanism cannot work if one of the businesses involved is a sole trader.
If you are a sole trader or partnership, give your business name and address in case information is held under these details.
The series we use comprises all business bankruptcies, including sole trader bankruptcies, which account for a fifth of the total.
How confident do you feel about dealing with tax as a sole trader or small business?
As soon as you start out as a sole trader you must register yourself as self-employed.
To operate as a sole trader, simply contact HMRC and register for self assessment.

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