Question

An interview of a sole trader introduction

Answer 1

An introduction to Sole Traders. A sole trader is an independent owner of a business. She/he has all the rights and responsibilities of the business and any profit or loss made (after all tax has been paid). Just because a sole trader is self-employed it doesn't mean they cannot hire staff.

Answer 2

A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.

The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss, etc.

A sole trader does not necessarily work 'alone'—it is possible for the sole trader to employ other people.