The definition of sole trader describes a business that is owned and controlled by one person, although the business may employ people. Generally speaking sole traders adopt a trading name (doing business as) and therefore the business has no separate legal existence. As a result, the sole trader i.e. the owner, although entitled to receive all of the net income, is also personally liable for the debts of the business. This is referred to as “unlimited liability”.
In the United Kingdom there are in excess of 2 million sole traders but because of the government incentives to incorporate, and the risks associated with personal liability and litigation, more and more sole traders are now deciding to establish Limited Liability entities such as a Private Limited Company and Limited Liability Partnerships.
The OCRA Worldwide group is currently incorporating in excess of 10,000 companies per annum for sole traders, entrepreneurs and other businesses in the United Kingdom, Europe, Asia, Australia and across the globe, so you can be safe in the knowledge that our consultants have the pre-requisite skills and experience to address all the issues regarding the establishment of Limited Liability entities.
The offices listed here have particular expertise in this area, and will gladly assist you with a Free Initial Consultation without obligation on how to approach your particular challenge. Alternatively, please request a confidential callback by selecting the button below.
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Languages spoken in this office: English, French, Italian, German, Portuguese and Arabic
Languages spoken in this office: English, Dutch, Mandarin and Cantonese