by Michael H. Whincup
Commerce in the UK may be conducted by a sole trader, or a partnership, or by a private or public company.
1. Sole Traders and Partnerships
Sole traders may be subject to local but not to any national licensing requirements, but must keep accounts for tax purposes. Their liability for debt is unlimited – so that all their personal assets are at risk. The business may have a separate name but it has no separate legal identity.
