What Are The Common Types of Sole Trader Businesses?
Here Are The Common Types of Sole Proprietorship Business You Should Know About-
Know About The Common Sole Trader Business Types Here-
What is a sole trader business?
Amongst all the business structures that are prevalent across the world, sole trader businesses are the simplest of all. These businesses are run by a sole trader, who is a person legally responsible for managing all business affairs. These types of businesses consist of an owner, and all profits and losses of the enterprise are reported on the person’s personal income tax return.
A sole trader is liable for paying all liabilities of the businesses, and any consequence of default in meeting business obligations are faced by him or her personally. While it may sound intimidating to start a sole trader business, the realit...