I have a small business – a travel agency. I’m not so sure about how liable I am in relation to my business. Any assistance?
People like you who have a small business – travel agency, real estate agency, accounting business even the corner shop proprietor would usually be classified as a ‘sole trader.’ Sole traders are ‘absolutely’ legally liable. This means if someone sues, you could lose all your assets. Theoretically, a sole business owner has what is called a ‘legal entity’. This means you can sue and be sued in your name. If someone is in your office or shop and slips and claims it was your negligence for not keeping the premises clean, they can sue you for unspecified damages. Of course, normally, business owners take out appropriate insurance policies.