Sole Traders & Partnerships
This is the smallest business structure known in the business world. These are formed by one person as a sole trader or by two people or more as a partnership for operations within the industry. Most of them are very easy to set up, but only few are easy to run.
How it works
Almost every business start out as the most basic unit either a sole trader (otherwise known as sole proprietor) or a partnership. A sole trader is an individual who is the only owner of the business therefore it is easy to setup and manage with no extra taxes to pay to the authorities. On the contrary companies need to pay extra taxes.
Instead the sole trader files a personal tax return. However there are risks involved as a sole trader has unlimited liability therefore if the business fails the owner must personally pay its debts.
Partnerships have more than one owner therefore as a result each owner can be held liable for all the debts of the business.
Pros & Cons
Both sole traders and partnerships structures are excellent for anyone starting out or running a small business - as long as the business stays out of debts because owners are personally liable for the debts.
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