Sole Proprietor (Sole Trader) is the most common form of business structure. It is generally one person doing business for themselves on their own property. Business owners may hire employees and are responsible for their actions. E.g. If an employee damages something or injures someone the business owner may be liable for any costs or legal claims.
Sole Proprietor - Advantages
A sole proprietorship is easy to set up and has little formal paperwork.
Starting this form of business can be as simple as promoting your new business by putting a sign up announcing your new services or product.
The business is easy to end.
A sole proprietorship generally has fewer regulations.
The business owner keeps all the profits and has the freedom to make all the decisions.
Income is usually declared on the owner’s individual income tax return.