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The word “sole proprietorship” may suggest that there is only one person working at the company. However, this is not the case. The word ‘sole proprietorship’ says something about the legal form and not about the number of people working within the company. If you have a sole trader, you can hire normal staff. Keep in mind that payroll tax must be paid on the salary of your employees, if you want to accept this.
You cannot just hire staff: you will first have to register yourself as an employer with the Tax Authorities, and with the Chamber of Commerce. After you have done this, you will receive a payroll tax number. You will need this number because you must withhold wage tax and national insurance contributions from the salary of your employees. This number is also required because you must file a tax return.
Personnel administration is also required. For example, you need a copy of a valid proof of identity, with clearly visible Citizen Service Number from your staff. It is also advisable to record all agreements that are made in an employment contract. Oral agreements also apply, but when it is black on white it is easy to read back. There can also be no confusion about the agreements made in this way.
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A sole trader is easy to set up, but it is not the wisest legal form for everyone to choose when they want to set up a business. For example, there is no legal distinction between private equity and business assets. If your company goes bankrupt and a large residual debt is left behind, you can therefore claim your private assets. As the owner of a sole trader you are therefore responsible for any debts.
As a result, when your company goes bankrupt, you lose all your assets. Consider your home and furniture. If you are getting married and already have a sole proprietorship, it is highly advisable to set up marital conditions. If your company goes bankrupt, you are solely liable and you do not include your partner in debt. If you do not want to be personally liable, it is wiser to set up a BV.
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Atlantis Financiers can help you
If you are an entrepreneur with a minimum annual turnover of € 250,000 and with a financing requirement, you have come to the right place at Atlantis Financiers. We are an experienced financier for SMEs. We look at the form in which a loan suits your company best, but we dare to take more risks than the average financier. As a result, there are often more options than you may have in mind. In addition to financing, we are also specialized in debtor management.
If you want a financing, you can submit a financing application via the button below. When we have received this correctly and completely, you will usually be contacted within 48 hours about the possibilities.
We only provide business loans . Unfortunately, if you do not meet the sales requirement, we cannot help you further.