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Sole trader: When setting out in business, you will probably be setting up on your own, using your own personal capital to get started. The sole trader is the most simplest business to develop as it initially consists of only you and has very little legal formalities, obligations or constraints attached to this form ownership as opposed to other forms; in fact it is just a case of informing the tax inspector and contributions agency of your intentions and you can begin to trade. You also need only a small amount of capital and you're in business. Remaining as a sole trader has many advantages; mainly being that you are able to give a more personal service to your customers and you are able to make changes within your business very quickly, due to there is little or no bureaucracy there being only one person to make the final decisions. Other advantages...

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