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Sole Trader A sole trader is a business that is owned and controlled by one person. The business is known as, a 'one man business'. The business is either owned by private individuals for example friends and family, this is called the private sector, or by the public for example the government, this is called the public sector. A sole trader is: * The single owner of the business. * The person who makes all the decision. * The person who is responsible if anything should go wrong. Many people are opting to set up businesses in the private sector such as sole traders, partnerships, franchises (the right to trade under an established name) and limited companies. It is also quite straightforward is set up. Four out of ten businesses that registered for Value Added Tax (VAT) are sole traders; this shows the vast amount of businesses setting up as sole...

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