Sole trader & unlimited liability – A professional answer
You may have heard that sole traders have unlimited liability, but what does that actually mean? And how does that affect how a sole trader operates? In this article, we’ll uncover exactly what unlimited liability is and how it applies to sole traders, helping you to make informed decisions about the structure of your own business. What is liability, anyway? Liability refers to the amount that a business owes at any one time. This responsibility for these debts can fall on either the company itself or its business owners, depending on the structure of the business and where liability lies i...
Source: realbusiness.co.uk
