Frequently Asked Questions
What is a Sole Trader?
By far the largest groups of self-employed workers are sole traders. This term is used to describe a company owned and controlled by an individual regardless of whether there are employees or not.
Most have a relatively low turnover, it is quite easy to set up a business as a sole trader and operating costs are much lower than those of more complex businesses such as partnerships and limited companies.
The main disadvantage is that there are no distinctions between the company and the individual and in the event of any liability as a result of a failed company, the individual entrepreneur risks losing everything, including his personal property.
If a sole trader gets in financial difficulties there are numerous remedies available to them such as debt management plan, bankruptcy or IVA.
If your limited company is having financial troubles, it is essential to seek help to put you and your business back on track.
We do not see it as our place to tell you what to do, but to explain your options and how everything works and let you decide what is best for your business. Contact us on 01472 254914 for free no obligation expert advice
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