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Types of Business Structures.
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| Submitted: Mon Apr 05 2004
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Types of Business Structures Sole Trader Sole trader is the term used for a "one-person" business with or without employees. This type of structure has the following characteristics: * You do not need to register the business; * It is the "default" business structure i.e. if you are working by yourself and do not take action to set up another type of business, you will be deemed to be a sole trader; * For tax and National Insurance purposes, you are self-employed i.e. any profits, including wages drawn, are taxed at personal tax rates; * You are personally liable for all your business debts; if your business fails, both business and personal assets i.e. house, car, furniture etc, will be used to pay off the debts; * If you use a name for business different from your own, you must show your name and address as proprietor on all business stationery and in a prominent place your...
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