GENERAL KNOWLEDGE

Detailed explanation-1: -A ‘sole trader’ is the sole owner of a business, meaning the owner and the business is one combined legal and financial entity; whereas a business partnership works in a similar way, but is shared between two or more co-owners.

Detailed explanation-2: -You’re self-employed if you run your own business as an individual and work for yourself. This is also known as being a ‘sole trader’. You can keep all your business’s profits after you’ve paid tax on them. You’re personally responsible for any losses your business makes.

Detailed explanation-3: -Well, according to the Small Business Administration, a sole proprietorship or sole trader is a business with only one owner. Since they are an unincorporated business, they will pay personal income tax on profits earned.

Detailed explanation-4: -Can a married couple operate a business as a sole proprietorship or do they need to be a partnership? Unless a business meets the requirements listed below to be a qualified joint venture, a sole proprietorship must be solely owned by one spouse, and the other spouse can work in the business as an employee.