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Sole Trader

If you work on your own and have not set up your business as a company, you will be a 'sole trader'. This type of business means you are in control of the business assets, but are also personally liable for the business debts. This is important if you are thinking of using the business to raise money for your divorce or dissolution settlement.

There is usually no need to have this type of business valued as a going concern, since its relevance in any financial settlement is likely to be the income that it produces. However, any assets that are used by the business, such as business premises, will be owned by you or your partner as an individual may need to be valued.

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