What Are Examples of Sole Traders?
Examples of sole traders include butchers, small retailers, photographers, beauticians, hairdressers, plumbers, grocers and builders. A sole trader business is a type of business that is owned and operated by one person, though he may have employees.
The business can operate under the name of the owner or the name that the owner chooses to use. A sole trader business is usually easy to set up because there are no legal restrictions prohibiting its establishment. The wage bill is usually low since there are no employees, and the initial capital is usually low. Sole trader businesses usually have the risk of stopping operations in the case the owner falls sick or has a situation that affects his work.