Types of Business in the UK (Task 2)




Task 2:

Types of business in the UK 

Investigate and identify the various types of business in the UK, this should include:

Sole Traders 

A sole trader is a business that is owned and  run by one sole person also meaning you our fully self-employed. Running your own business can be hard if you are not skilled in many areas as you have to run every aspect of the business. One good aspect is any profits the business makes all comes to you (after tax). When it comes to tax you have to pay income tax 

limited companies

The main difference between a sole trader and a limited company is that the owners and the business finances our completely separate. This does bring the added pressure of having to work and possibly be financed by other people who you will have to report to whilst still being the main responsibility to keep the business profitable. In terms of taxes and government payments you have to file your accounts and the company's tax returns as well as paying a corporation tax (you can hire an accountant if required).   

Partnerships

A partnership is a business that is owned by two or more people. There is often a contract drawn up which is called the 'deed of partnerships' which will explain how the profits and losses our shared, along with the capital each member has. Sometimes partnerships can have an outside investor who puts money in (meaning they own some of the business) but don't help in the actually running of the business.

Social Enterprises

A social enterprise is a business that has social mission, that is mainly aimed at making a positive impact on the world. Any profits our reinvested into the community to help improve and develop the community in a good way. "According to 2014 figures gathered by SE100, these businesses collectively contribute £22 billion to the economy and employ nearly 1 million people."


Charities


Often charites do fund raisers and our supported by the publics donations and pledges.

Unincorporated Associations 


An Unincorporated Association is set up after an agreement between a group of people that doesnt have the aim of making a profit, these kind of business often inclued sports clubs or voluntary groups. The individual members our the ones accountable for any debt and contractual obligations


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