A sole trader, also known as a sole proprietor only has one owner.
The owner makes all the decisions and is fully responsible for the firm and they are also liable for all debts. The business
has the same legal identity as its owner and if the firm cannot meet its debts, the owner must sell his/her personal assets.
A sole trader’s business is more confidential and organisation is simple, establishing a business as a sole trader can
also be relatively cheap and the owner will have sole entitlement to their business’s capital and profit. Because the
owner and the business have the same identity, only one tax return form has to be filled out. Unfortunately, a sole trader
has to look after all aspects of the business from the quality of the service or products, to financial planning, to taxation
and marketing. In other words, more commitment is needed to run a sole trader business, as there is little time for days off