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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.

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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

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