Colorado Employment Application and Job Offer Package for a Sole Trader
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How to fill out Employment Application And Job Offer Package For A Sole Trader?
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FAQ
Since a sole proprietor operates a business on its own, they are considered self-employed. A self-employed individual simply means the person works for him or herself. It's just a business term. A sole proprietor refers to someone who owns a business by themselves.
Common examples of sole traders include builders, plumbers, electricians, painters and decorators, taxi drivers and window cleaners. As a sole trader, you are personally liable for your business debts. This means that you have to pay these debts out of your own income.
Advantages of sole trading include that: you're the boss. you keep all the profits. start-up costs are low. you have maximum privacy. establishing and operating your business is simple. it's easy to change your legal structure later if circumstances change you can easily wind up your business.
'Sole trader' describes your business structure, while 'self-employed' is a way of saying that you don't work for an employer or pay tax through PAYE. Both terms are often used interchangeably: if you're self-employed then you're basically running a business as a sole trader.
You're self-employed if you run your own business as an individual and work for yourself. This is also known as being a 'sole trader'. You can keep all your business's profits after you've paid tax on them.