Sole Trader Accounts

If you decide to become a sole trader you and your business will be seen as the same entity in a legal sense. Any money made by the business is automatically treated as income for you and any debits incurred by the business are your responsibility, also known as an unlimited personal liability.

Setting up as a sole trader is one of the of the easiest methods of starting a business as there are no requirements from the CRO (Company Registration Office) as long as you trade under your first and last name. Its also far easier to wind up a sole trader as any debit is simply attached to the individual. a submission of accounts as a sole trader are typically less costly as they are not as complicated to compile and there are fewer stipulations such as filing returns to the CRO annually. For someone starting out in business it seems becoming a sole trader would most likely be the easiest and most cost effective approach.