Define: Sole Trader

UK Accounting Glossary

Definition: Sole Trader


Quick Summary of Sole Trader


An individual owning and operating a business alone.



What is the dictionary definition of Sole Trader?

Dictionary Definition



Full Definition of Sole Trader




Examples of Sole Trader in a sentence


Due to their lack of limited liability status, sole traders and partnerships are not considered to be separate legal entities from their owners.
The steps involved in becoming a sole trader is relatively simple in comparison to other business structures.
Sole traders all usually responsible for making all operational decisions and are solely responsible for raising business finance.
Critics argued that the provision of such a large tax advantage for established brands was unfair to many sole traders.
A sole trader is able to employ staff, but is also personally responsible for any losses the business makes.
In UK law a sole trader is considered the simplest type of business structure.
The statistics demonstrate an improvement in the number of bankrupt sole traders during the previous year and up to July 2019.



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https://payrollheaven.com/define/sole-trader/
Modern Language Association (MLA):
Sole Trader. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. July 17, 2019 https://payrollheaven.com/define/sole-trader/.
Chicago Manual of Style (CMS):
Sole Trader. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/sole-trader/ (accessed: July 17, 2019).
American Psychological Association (APA):
Sole Trader. PayrollHeaven.com. Retrieved July 17, 2019, from PayrollHeaven.com website: https://payrollheaven.com/define/sole-trader/

Definition Sources


Definitions for Sole Trader are sourced/syndicated from:

  • Oxford Dictionary Of Economics
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 23rd December 2018.