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Sole Trader

Advantages:
  • Personal ownership and autonomy
  • Keeps all of profits
  • Privacy ( finances are kept private)
  • Less Regulation (compared to other options)
  • Often more tax efficient when starting out.
Disadvantages:
  • Unlimited Liability ( You have unlimited liability, any debts or other liabilities of the business are also yours)
  • Less tax efficient as the business grows

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