How to register as a sole proprietor?

An independent commercial/sole proprietor is a company owned by one person. In which is a person is the owner of all of the company property that means this form of business, if the work fails, any of its assets including its property is forfeited to pay the liability Can be done.

Feature of Single Ownership

• Owners of this kind of business
• Many small businesses work independently as a trader
• Companies who require a small amount of money often work in this way.

Registration Process

No, you do not have to sign up as an independent commercial / sole proprietor. Because there is no separation between the owner and the business, the employer is usually held responsible in the civil and criminal law of the employer during the business.

Registration with SARS

The trader does not tax his income separately. Instead, the sole owner reports on the income and expenditure of their taxation companies.

Pros and cons running as a sole proprietor

Pros

• Easily formed
• There is no formal requirement

Cons

• The property of a non-commercial owner is subject to commercial creditors' debt
• An independent businessman offers minimal security for the sole responsibility of a sole trader.
• The employer is at risk of failure, and can do so with the kidnapping of his property (the process of which the property of the lender is done by an administrator to distribute it to the debtors).
• Everlasting life is not possible If the master dies, the estate closes. Property closes.

Renting staff and renting premises

Only employers can hire employees and remain single owner.

SP from a private company How the person separates the owner is someone who works privately with the responsibilities considered by the company. Credits that are taken for this type of work are written on behalf of the owner.

This means that the owner will lose everything, including personal property, if the work fails.