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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.
Eenmanszaak: ≈ sole trader (UK), sole proprietorship (US) vof (vennootschap onder firma): ≈ GP; cv (commanditaire vennootschap): ≈ LP; bv (besloten vennootschap): ≈ Ltd (UK), Ltd. (US). May appear in a company name as the suffix of "B.V.". A bv can be started by an individual (perhaps as the major or only shareholder) or together with ...
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.
LLC stands for "limited liability company," which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation.
The two most popular ways of organizing a small business are LLCs and sole proprietorships. They are less costly and complicated compared to the alternatives of corporations and partnerships.
A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation . [ 1 ]
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.
By comparison, a medium-sized business or mid-sized business has fewer than 500 employees. The European Union generally defines a small business as one that has fewer than fifty employees and either turnover or balance sheet less than €10 m. [7] but the European Commission is undertaking a review of this definition. [8]