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- Fri Feb 08 2008
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... Sole Trader. A sole trader is any business that is owned and controlled by one person, although they may employ staff. This could be Hairdressers, for example. People, who provide a special service like hairdressers, plumbers or photographers, are also sole traders. Sole traders do not have a separate legal existence. As a result, the owners are personally liable for the firm's debts, and may have to pay them out of their own money. This is called unlimited liability. An example of a sole trader is a corner shop; the corner shop I have chosen is 'Shaheen Newsagents', this is a shop in Latchford that sells magazines, newspapers, sweets, crisps, cigarettes and drinks. The owner of this newsagent is called Faz Shaheen; he also owns several other shops such as 'Bridge Lane Shops', 'Cobbs News' etc. Being a sole trader Faz cannot go to all of the shops so he has co-workers
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