Most people can become self employed and start a business as a Sole Trader. However, there are a couple of restrictions and some circumstaces that may make it more difficult to trade, such as previous bankruptcy, or being below 18.
What is the minimum age for a sole trader?
- There is no minimum age for sole traders. A sole trader is simply a person representing themselves as a business
- Unsurprisingly, there is also no maximum age to begin sole trading
- If you are young, say below 18, you will probably find it harder to obtain credit facilities.
Can a bankrupt become a sole trader?
- If you were sole trading prior to bankruptcy, you may require permission from the courts to continue trading or start a new business and you cannot mask your identity through the concept of “trading as”
- If you are a recent bankrupt you may be required to pay a quantity of your income back to your Official Receiver if your business is successful
- Inevitably you will find it harder to obtain credit facilities