Features of an unincorporated business
- Unlimited Libality - The owner(s) of a business are personally liable for any debts the business may have. They may have to sell their car, house etc. to pay for debts of the company.
- Tax on Profits - Income tax is paid on the profits that the business makes
- Continuity - The business, in its present form, cease on death on one of the owners.
- Financial Information - Remains Private to the owners of the business
- Bankruptcy - Occurs when the business is unable to pay its debts.
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