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A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. [1] A sole trader does not necessarily work alone and may employ other people. [2]
Also sole traders must also pay Income Tax they do this by filling in the self-assessment form which also allows the Inland Revenue to calculate Class 4 NIC; this is simple to fill the information needed is usually costs, sales and profits; if turnover is above £15,000 you may have to keep a detailed profit and loss and balance sheet.
Self-employed people are usually classified as a sole proprietor (or sole trader), independent contractor, or as a member of a partnership. Self-employed people generally find their own work rather than being provided with work by an employer and instead earn income from a profession, a trade, or a business that they operate.
Sole, Neal Street, Covent Garden Soletrader is a British shoe retailer that operates with 28 UK standalone stores and 4 department store concessions, and through its international websites. Of their 28 standalone stores in the UK 18 trade in shopping centres and on high streets as Sole and Soletrader and 10 trade in outlet centres, 5 of which ...
Sole trader insolvency occurs when the business cannot meet financial obligations. It may be that bills cannot be paid on time, leading to debts which eventually attract legal action by creditors . Insolvency does not automatically equate to bankruptcy; [ 4 ] definitions of insolvency are provided within the Insolvency Act 1986 . [ 5 ]
A sole practitioner or solo practitioner is a professional, such as a lawyer or an architect, who practices independently. For instance a sole practitioner's law firm may include non-lawyer support personnel but does not include any other lawyers.
A stock trader or equity trader or share trader, also called a stock investor, is a person or company involved in trading equity securities and attempting to profit from the purchase and sale of those securities. [1] [2] Stock traders may be an investor, agent, hedger, arbitrageur, speculator, or stockbroker.
[32] [page needed] The early modern Bank of England, however, did not have all the functions of a today's central banks, e.g. to regulate the value of the national currency, to finance the government, to be the sole authorized distributor of banknotes, or to function as a lender of last resort to banks suffering a liquidity crisis.