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A sole trader is the simplest type of business structure defined in UK law. It refers to an individual who owns their own business and retains all the profits from it. When starting up, sole traders must complete a straightforward registration with HM Revenue and Customs as self-employed for tax and National Insurance purposes.
A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit. The owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business.
There are three main types of business entity in Brunei, namely sole proprietorship, partnership, and company. [11] A private company contains the term "Sendirian Berhad", meaning "Private Limited" or "Sdn. Bhd." as part of its name; for a public company "Berhad" or "Bhd." is used. [12]
Meanwhile, an LLC provides more structure than a sole proprietorship but has no risk of double taxation. Learn more about these two types of business structures to determine which is right for ...
Sole proprietorship To qualify for this legal structure, you must own an unincorporated business by yourself—usually independent contractors or self-employed individuals.
Pass-through entities: Owners of pass-through entities like sole proprietorships, partnerships, and LLCs (if taxed as a sole proprietorship or partnership) typically pay themselves through owner ...