... sole proprietors. Sole traders are easy to set up. They can set up a business immediately. The sole trader structure is the most straightforward option. The individual is taxed under the Inland Revenue's Self-Assessment system, with income tax calculated after deduction for legitimate business expenses and personal allowances. A sole trader is personally liable for the debts of the business, but also owns all the profits. (2) Partnership a partnership is an association of two or more people formed for the purpose of carrying on a business. Partnerships are governed by the Partnership. Unlike an incorporated company, a partnership does not have a "legal personality" of its own. Therefore the Partners are liable for any debts of the business. Partner liability can take several forms. General Partners (the usual situation) are fully liable for business debts. Limited Partners are limited to the amount of investment they have made in the Partnership. Nominal Partners ...

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