This article explores who is allowed to be a Sole Trader. It does not cover the advantages, disadvantages or implications of being a Sole Trader.
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