General Definitions Flashcards
1
Q
Unlimited Liability
A
You are responsible for the business debt
2
Q
Limited Liability
A
Not responsible for debts
3
Q
Unincorporated Business
A
Not desperate to the business, person acts as one being with the business
4
Q
Income Tax
A
Any profits sole traders make is their income - their income is the business profits
5
Q
Corporation Tax
A
Tax on profits, more profit made , more tax. Pay tax wherever head office is
