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  • Created by: WILL04
  • Created on: 12-11-18 15:38

Unlimited Liability

Advantages

  • you get the money that the company has made goes stright into your account
  • the money the the company makes will be classed as your income which meas that you will not get business tax because you are a sole trader
  • There can be as many owners as required.
  • All the money belongs to the owner.

Disadvantages

  • All assets can be lost if the company gets sued or goes bankrupt.
  • All the business owners personal assets can be taken away if the company goes into financial difficulty.
  • You are responsible for everything in the business.
  • If the business owner does not declare all income they will be investigated and potentially get a criminal record.

Evaluation

This type of business structure would be better for a person just starting up and wanted to make money before they go private limited because they may be struggling financially and not have the cash to set up as a LTD. If you are a builder it would be better to be a LTD because if they have debt it will go to the company and not the owner. this is good because they need to spend money to make money

Comments

Abdula555

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