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A sole trader is the simplest type of business structure defined in UK law. It refers to an individual who owns their own business and retains all the profits from it. When starting up, sole traders must complete a straightforward registration with HM Revenue and Customs as self-employed for tax and National Insurance purposes.
sole trader: must be a natural person e.c. (egyéni cég) sole venture: a company registered by and consisting of one sole trader bt. (betéti társaság) limited partnership: requires one general partner with unlimited liability and one or more members with limited liability kkt. (közkereseti társaság) general partnership
Under the business entity concept, a business holds separate entity and distinct from its owners. "The entity view holds the business 'enterprise to be an institution in its own right separate and distinct from the parties who furnish the funds" [1] An example is a sole trader or proprietorship. The sole trader takes money from the business by ...
Small Business Economics 12.3 (1999): 217–231. Bannock, Graham. The economics and management of small business: an international perspective (Routledge, 2004). Bean, Jonathan James. "Beyond the broker state: a history of the federal government's policies toward small business, 1936–1961" (PhD Diss. The Ohio State University, 1994). Bean ...
A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit. The owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business.
The most common and traditional unincorporated entities are sole traders, partnerships, and trustees of trusts. Modern unincorporated entities include limited partnerships (but not incorporated limited partnerships), limited liability partnerships (but not UK Limited Liability Partnerships, which are corporations), Limited liability limited partnerships, and limited liability companies.
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A corporation is owned by one or more shareholders and is overseen by a board of directors, which hires the business's managerial staff. Corporate models have also been applied to the state sector in the form of government-owned corporations. A corporation may be privately held (for example, a close company - see below) or publicly traded.