Partnership & Sloe Trader

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What is a sole trader ?
An individual operating a business alone.
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Why is it important to know the legal structure of your business ?
- To know how much tax and NI the business pays - Which records and accounts have to be kept - Who is liable for the business debts and up to how much.
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What is meant by the term 'uncertainty' ?
Not knowing the future or what is going to happen.
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What is meant by the term 'Risk' ?
The potential for loss but rewards in a business.
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What is a partnership ?
Two or more people in a business working together (2-20)
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Unlimited liability ?
Unincorpted business such sole trader and partnerships.(owners responsible for debts)
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Other cards in this set

Card 2

Front

Why is it important to know the legal structure of your business ?

Back

- To know how much tax and NI the business pays - Which records and accounts have to be kept - Who is liable for the business debts and up to how much.

Card 3

Front

What is meant by the term 'uncertainty' ?

Back

Preview of the front of card 3

Card 4

Front

What is meant by the term 'Risk' ?

Back

Preview of the front of card 4

Card 5

Front

What is a partnership ?

Back

Preview of the front of card 5
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