BUSINESS FORMS

Jun 21st, 2015
Studypool Tutor
Price: $10 USD

Tutor description

SOLE TRADER;- Most common business form, ie;- shopkeepers, tradesmen, farmers, etc. No distinction between owner and the business, ie;- Liability for all the debts incurred.- Business ends upon death, retirement, etc.- Profits taxed at owners marginal income tax rate.

Word Count: 2401
Showing Page: 1/11
BUSINESS FORMS.SOLE TRADER;- Most common business form, ie;- shopkeepers, tradesmen, farmers, etc.No distinction between owner and the business, ie;-Liability for all the debts incurred.Business ends upon death, retirement, etc.Profits taxed at owners marginal income tax rate.PARTNERSHIPS;- An association of 2 to 20 people, (does not apply to accountants, stockbrokers and solicitors since 1967 Companies Act).All partners are liable for any/all of any debt incurred.Can carry out any business the partners wish.All partners have a say in the running of the business.Partnership terminates when a partner leaves, retires, dies, etc.Profits taxed at the personal income tax rate of the recipient partner.TYPES OF COMPANY;- 1948 Companies Act defines three types of company which can be registered;-1) Unlimited Company - extremely rare - usually set up to manage family estates.2) Limited By Guarantee - members liability limited to a certain specified sum (nominally 1), usually non-profit organisations like charities, building societies, etc.3) Limited By Shares - members liability limited to the purchase of shares in the company, ie- 'Limited Liability Company'.THE LIMITED LIABILITY COMPANY;- The company is a separate legal entity in it's own right and the liability of it's members (shareholders) is limited to the money put into the company upon the purchase of the company's shares. The company has perpetual succession, i

Review from student

Studypool Student
" Awesome! Exactly what I wanted. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1824 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors