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Unit 1 Explain The Legal Requirements Of Different Types Of Business

689 Words3 Pages

There are three main types of business, each business type has different legal requirements to the other, below I have explained the legal requirements of different business types; Sole Trader – a Sole Trader is not seen as a company, by law the owner and the business are seen as the same individual. In the eyes of the Law the sole trader is not required to register itself with Companies House but should inform the HMRC of its trading. This business type and the owner have unlimited liability to all debts and legal actions, it is not a legal entity on its own. The Sole Trader is also required to pay income tax and national insurance, also if hiring staff they need to set up a Pay-As-You-Earn payroll so that any income tax and national insurance can be deducted from their pay. The Sole Trader may also be required to pay VAT depending on how much the business earns and what sort of business it is. …show more content…

Legally the business name of a Limited Partnership must not contain ‘limited liability partnership’, ‘LLP’, ‘public limited company’ or ‘plc’ it must also conform with any other government guidelines. This type of partnership is also liable for debts up to the amount that have been contributed, limited partners are also required to register for Self-Assessment with HMRC, register the business for VAT for sales at or above £85, 000 a

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