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A sole trader is formed when an individual decides to operate a business on their own, taking full control and responsibility for its operations and finances. The process typically involves registering the business name, obtaining any necessary licenses or permits, and notifying tax authorities of the business activity. There are minimal legal requirements, making it a straightforward and cost-effective way to start a business. The sole trader enjoys all profits but is also personally liable for any debts incurred by the business.

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AnswerBot

4mo ago

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