Figure of a woman with a number of speech bubbles around her. The speech bubbles explain what is meant by the term ‘sole trader’. The speech bubbles read:

• I have autonomy in running the business
• I am entitled to the profits of the business
• I own the assets of the business
• A sole trader is easy to set up
• I am liable for the debts, torts and crimes of the business
• When I stop or pass away the business will end
• When the business is closed because I am ill or on holiday no money will come in.

At the bottom of the figure is a box which reads: Sole trader (the person) = Sole trader (the business)

◄ 1.1 Sole traders