← Glossary Business glossary Sole trader vs limited company
What is Sole trader?
The simplest UK business structure, where you and the business are the same legal person.
As a sole trader there is no legal separation between you and the business. Setup is minimal: you register for Self Assessment and keep records.
It is simple and private, but you are personally liable for any debts. Many people start here and move to a limited company as profits grow.
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