... Flashcards by Abbie Preece

Q

Sole trader owns the business

A

Sole Trader

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Q

Sole trader manages the business

A

Sole Trader

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Q

owner is liable for entire debt of business

A

Sole Trader

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Q

income tax on profits paid by the owner

A

Sole Trader

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Q

drawings by owner

A

Sole Trader

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Q

no regulations, statements are private

A

Sole Trader

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Q

the partners own the business

A

Partnership

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Q

all partners take an active management role

A

Partnership

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Q

each partners liable for entire debt

A

Partnership

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Q

partners liable for OWN tax

A

Partnership

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Q

drawings by partners

A

Partnership

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Q

partnership act 1890, partnership agreement, statements are private

A

Partnership

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Q

owned by members but separate legal entity

A

Limited Liability Partnership

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Q

all members have active role

A

Limited Liability Partnership

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Q

members can lose entire investment

A

Limited Liability Partnership

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Q

members liable for own tax

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A

Limited Liability Partnership

Q

drawings by members

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A

Limited Liability Partnership

Q

LLP Act 2000, LLP agreement, statements public

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A

Limited Liability Partnership

Q

owned by shareholders, separate legal entity

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A

Limited Company

Q

run by directors for shareholders

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A

Limited Company

Q

shareholders can lose entire investment

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A

Limited Company

Q

corporation tax paid from profits of company

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A

Limited Company

Q

dividends paid to shareholders

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A

Limited Company

Q

Companies Act 2006, financial reporting standards, public statements

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A

Limited Company

public benefit

Charity

trustees in charge

Charity

trustees sometimes liable for debt

Charity

exempt from tax

Charity

assets = funds

Charity

distributions for charity activities

Charity

Charities Act 2011, statements available

Charity