Small Business and Enterprise

1. a. Type of company registration affecting to responsibilities & liabilities of owner/manager. gibe to Marcouse L. & et al (2008) the legal structure of a craft is essential in determining how serious fiscal impact is on the owners, if things go wrong. It is also an impact on the gross levels to be paid by the business & its owners. There be both businesses with liabilities, * Business with innumerable liabilities * Business with limited liabilities * Business with unlimited liabilities: - Unlimited liability means that the finances of the business are treated as inseparable from the finances of the business owner. So in this case, Mr. Smith loses £30,000 including his money & bank loans, bank or creditors can get him to court. Followings are examples for this, Sole traders: - This means individuals who spark their own business equivalent builders, plumbers, shopkeepers including Mr. Smith. They make own last(a) decision about business and take both the pecuniary benefits and losses. This means he has unlimited liabilities. If he is unable to comprise his bills, court can allow to sell his properties like his car, signaling to be sold in order to meet large(p) bills. Marcouse L.

& et al (2008) stated that there are no perfunctory rules to follow when establishing a sole trader or no administrative cost to pay. Complete confidentiality can maintained the accounts as they are not published. Disadvantages can be limited financial sources, long hours to work, working during the holiday time. These cannot get leave like sick, annual. Partnership: - A partnership is a type of business in which partners (owners) share with each other the profits or losses of the business. Partnerships are often favored over corporations for taxation purposes, as the partnership structure does not generally determine a tax on profits before it is is distributed to the partners (i.e. there is no dividend tax levied). However, depending on the partnership... If you want to get a full essay, order it on our website: Orderessay

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