Most businesses start out as sole trades. This is when an individual starts to trade with a view to making a profit in their own name. It is also associated with the term “self employed”.
A sole trader may be just one individual providing services or the individual may have any number of employees working for them. For many reasons a business may be structured as a sole trade. It may depend on the age or size of the business or a professional service provider may be required to operate as a non limited liability entity. Tax efficiency reasons can often play a role as well.
Sole trader accounts will be required for tax purposes as well as being used for decision making and management purposes. Accounts will also be needed for dealings with external bodies such as banks, government grant providers, etc.
At McCambridge Duffy we have the team to offer the best advice on the structure you need and to identify when and how to switch to a corporate structure, an LLP or to introduce new business partners. Our tax, company law and insolvency skills all combine to ensure that we not only can we provide the ongoing accounts and bookkeeping services but we also can anticipate and manage any changes in the business structure.
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