ABSTRACT
Partnership When persons want to set up in business there is nothing to prevent them simply trading on their own account, with only their own money at risk. As such, the law would describe such a person as a sole trader. Trading in this way, however, may involve a number of drawbacks:
have unlimited liability for its debts. Creditors will not be restricted to seizing the assets connected with the business. Even the person’s home may have to be sold.
