2.2.9 The Sole Trader
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The sole trader market has its own planning needs which should
be considered quite separately from domestic requirements.
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In addition to protection policies to support ongoing income of
the family in the event of death, the following points will need
to be considered when calculating the amount of protection needed:
- Trading debts
- Business borrowing
- Outstanding tax and NIC
- If the business folds, money will need to be found for redundancy
payments for any staff.
- There may be penalties to be paid for unfulfilled business commitments
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