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The Sole Trader The Sole Trader is the most common form of business ownership where personal services are provided; little capital is needed to start the business; large scale production is not a major feature or benefit. This form of ownership is therefore widely found in service areas such as hairdressing, plumbing and window cleaning. The owner runs the business and can employ any number of people. Setting up as a Sole Trader is simple as there are few legal formalities. However there are some restrictions such as paying income tax, National insurance and complying with legislation such as the health and safety at work. Advantages * Owner receives all the profit if there's any * Simple and cheap to establish with few legal formalities * Able to respond quickly to changes in the market * Confidentiality is maintained as financial details do not have to be published * Decisions can be made quick * There...

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