Words, explained · 24 of 25

Sole trader

Also writtenself-employedpartnershippartner

Working for yourself, without a company — personally responsible for the business’s debts.

What it is

You can trade in your own name or a business name, and employ staff. Partners in a partnership share the profit and the debts, and should have a written agreement.

What it is not

Not a company: there is no separate legal person between you and the business’s debts.

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