A Sole Trader (Activité en nom personnel) is the simplest form of business structure in Monaco, allowing a single individual to carry out commercial, craft, or liberal professions. This structure does not create a separate legal entity; thus, there is no separation between the business assets and the entrepreneur's personal assets. The sole trader is indefinitely and personally liable for all business debts with their entire personal estate. Foreign nationals wishing to register as sole traders must apply for personal authorization from the Minister of State and obtain a professional card (carte professionnelle).