Generic legal advice for sole traders - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe

Registration is fast, simple and absolutely free so please, join our community today!

Go Back   Home > General Discussions (Off-Topic) > Everything Else

Everything Else For off-topic conversation. The rules are relaxed in here, but play nice!

Thread Tools
Old 02-05-2021
Subscribed [VIP]
Join Date: Jan 2021
Posts: 2
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 13%
iTrader: (0)
Default Generic legal advice for sole traders

Sole traders are one of the most simple business entities, easily set up and with minimum of paperwork.

One primary benefit associated with the utilisation of a sole trader is that the personal details of the trader remain entirely private. This is a marked difference to a limited liability which legally requires the name, address and occupation of associated corporate officers (director, secretary etc).

Sole traders also benefit from the benefit of exclusive control of the assets of the business, meaning they retain all profits and autonomy over the business and its direction. This differs from public limited companies that are answerable to shareholders meaning that corporate decisions maybe thwarted in lieu of the whims of shareholders.

however, sole traders do not enjoy the legal protection of the process known as the veil of corporation/corporate veil.

In essence, the sole trader is not only entitled to full profits, but full debts as well. Say the sole trader incur debts in the course of their business venture to the value of 10,000. That 10,000 will first be depleted utilising the assets of the business (liquidation of stock), but any residual debt will have to be met by the sole trader.

In the event that the sole trader is unable to do so, they would be typically forced to declare bankruptcy. The Insolvency Act 1986 was the primary statute governing the varying types of bankruptcy, these rules were modified and somewhat relaxed via the Insolvency Act 2000.

Under the old regime, the trader had to personally petition the court for a mortarium to be granted, this process has been somewhat streamlined thanks to the 2000 Act.

It is vital that (pardon the pun) sole traders and indeed any trader ensures that they avoid the possibility of being legally declared bankupt.

the minimum period of disqualification is 2 years, and the maximum period is 15 years. (as per Company Directors Disqualification Act 1986).
Reply With Quote
The complete step-by-step guide to get back to selling today!

Old 02-06-2021
rsot's Avatar
Executive [VIP]
Join Date: Dec 2009
Posts: 72,390
Thanks: 5,737
Thanked 8,591 Times in 7,892 Posts
Activity: 100%
Longevity: 82%
iTrader: (7)
Default Re: Generic legal advice for sole traders

Welcome to the forum - all the best as you master stealth
Reply With Quote

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Legal advice needed mrgazer PayPal Talk 12 01-04-2016 07:44 AM
Market traders -uk paypalpains Dropshipping & Wholesale Suppliers 18 01-22-2014 11:17 AM
Hello traders Dano30 Introductions 0 03-09-2011 05:28 PM

Aspkin Group

All times are GMT -5. The time now is 12:42 PM.

Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2023, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58