• A Sole Trader is a one-man business. Being a Sole Trader is the simplest way to run a business. Keeping records and accounts is straightforward, and you get to keep all the profits. The difference is that you are personally liable for any debts that your business runs up, which can make this a risky option for businesses that need a lot of investment.
  • A Partnership is Two Sole Traders coming together. The difference is the partners are personally liable for any debts that your business runs up, which can make this a risky option for businesses that need a lot of investment.
  • Limited Liability is a legal person but it doesn’t exist naturally. It just has all the rights of a legal person.